TIME TO ACT ON YOUR MONEY, DEBT AND PROTECT YOUR FAMILIES FUTURE
Almost 2 million fixed rate mortgages will expire, in the UK, in 2023 and over 5m by end 2024. These people will see their 1.5% rate jump to over 6% !! Thats over 3X your payments!! Are you ready?
Average additional mortgage repayments, per month will be over £400! Are you ready?
Each household has an average of £2,000 on credit cards debt that will skyrocket with interest and increasing repayments by an average of 35%! Are you ready for that?
With inflation hiking up food and the energy crisis adding to the costs of every household, then the average EXTRA monthly outgoings will or are reaching £800-900 a month. Inflation isn’t going down and rates will continue to go up over the coming years.
If you have debt and are able to pay it down or off then it is recommended you do that to safeguard your family and future.
Forego the new car in favour of paying off your credit card first then pay down your mortgage by making increased payments. Most banks will allow you to overpay 10% of your balance a year (£100k mortgage then £10k extra off a year).
Look at what costs you most a month and pay it off or down as fast as you can. If you can borrow cheaply and pay off higher rates then that can be a part of a soultuion if you are not in a position to pay off debt.
Setup a side business and use profit to pay down debt is also a possibility. Buy and sell… or sell your knowledge/skill.
Keep your eyes on the future and ears on what decisions are being made today that will damage the economy, damage your income, damage the true value of your money and make decisions for your family.
Sharing to make you well aware and to help you make good decisions now for a better future outcome.
Lyndon x
P.S Not financial advise
image by Gerd Altmann from Pixabay