Before you sign up for a credit card, bank loan or store card, or add to an existing card or loan it makes sense to think about whether you really need to borrow money. At times like this – with economic uncertainty and rising bills – many people are now choosing to pay back money they’ve already borrowed rather than borrow more.
Deciding whether you should be borrowing money
There are some very important questions you need to answer before you borrow money. You should ask yourself if you need to spend the money, if you have other ways of financing the purchase and if you can afford to pay back the money you’re planning to borrow.
Do you really need to spend the money at all?