Between credit cards, mortgages and student loans, the Great British public is collectively in debt to the tune of over 100s millions of pounds. If your personal finances are riddled with debt, you're likely pulling off quite a balancing act as you try to pay all the bills while still maintaining some quality of life.
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Here's how personal loans could make life easier for you:
The Advantages Of A Personal Loan
Personal loans are much more flexible than other borrowing, particularly because they require no collateral. 
The terms are often far more appealing, too, especially if you have a good relationship with your local bank. For example, you don't need a specified purpose for borrowing, such as with a car loan. You can also access funds for a personal loan quicker than with other types, as processing is more expeditious.
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Personal Loan Vs Using Your Credit Card
The average household in Great Britain owes more than £7,000 in credit card debt and using those cards is often too easy. The financial institutions behind credit cards earn money through the staggering interest people pay; many consumers wouldn't even be able to tell you exactly what they pay in interest and on what terms the rate fluctuates. Personal loans carry lower interest rates than credit cards, often by as much as four or five points. That adds up to significant savings for the borrower which is particularly important when they carry a lot of debt.
Borrowing For Home Improvement
You may have noticed how increasingly difficult it's becoming to obtain a home equity loan. Add to that the fact that home equity usually means interest only payments for the first few years of the loan and they lose a lot of consumer appeal. Personal loans, on the other hand, require no stated purpose and paying them off is much quicker (and less painful) than a home equity. The scenario of a personal loan for home improvement adds real equity to your home in a much shorter time.
Affording The Family Vacation
Despite debt, people still need to spend money, often in large quantities. Rather than simply accepting more 
credit card debt with the staggering APR, using a personal loan to finance the annual vacation keeps debt lower and allows for faster repayment. Such an arrangement will allow for greater relaxation on the much needed vacation.
Paying Unexpected Medical Bills
Life happens and it's usually quite expensive. Especially with confusing health insurance laws and outrageous monthly rates for family coverage, you may be caught in a serious financial bind if a medical emergency arises. Rather than face the extremes of bankruptcy and ruined credit, or worse, neglecting the major health issue, a low-interest personal loan can keep your household afloat.
Boosting Your Credit Score And Lowering Your Debt
Personal loans are considered higher risk than other forms of borrowing, thus, after you've paid the loan off, your credit score holds more clout. Using them to reduce debt, such as to pay off a high-interest credit card, makes sense all around. Formulate a specific plan to lower your debt and improve your credit profile simultaneously.
Strengthening Your Finances Through Controlled Spending
Most people have more control over spending than earnings, but don't realize it. Of course, you could always try to obtain another job or liquidate assets, but earnings power is limited by many things, whereas a lot of spending is completely voluntary. For example, that oh-so-good latte you grab every morning is costing you about £1,000 every year. Imagine eliminating the same amount of credit card debt instead, along with what you'd pay in interest - and that's just for a cup of coffee.
Treat your household finances like a business, holding yourself (and everyone else involved) accountable for every dollar spent and you will quickly discover a faster path to financial strength.
Consumers don't have many economic elements on their side. In fact, you could spend your entire life paying off the debt you incur. Take advantage of personal loans, one of the few tools that give you an advantage, and gain control over your own financial destiny.
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