Managing My Money

Week 4: Debt and Borrowing - Part 2, Episode 8

Share Radio & Open University Business School

'There is no security on this Earth; there is only opportunity.'

General Douglas MacArthur

Welcome

to Managing My Money presented by Glen Goodman and Annie Weston

APR

incorporates all charges, so you can compare loans against each other

Fixed or Variable Mortgage?

Fixed or Variable Decision Chart -

or variants in between: capped, collared, trackers ..

Your borrowing rate and your 'credit score' depend on your personal circumstances

Age

Employment

Marital Status

Children

Bank Account

Credit Card

Housing Status

Borrowing can take many forms

also impact of giving collateral, size of loan, type of lender, etc ..

Georgie Frost

presenter of Share Radio's This Is Money show each week, explains how Peer-to-Peer lending is helping people to by-pass the banking system

Jonquil Lowe

lecturer in Personal Finance at the Open University, describes the main types of lenders:

Retail banks
Building Societies
Finance Companies
Credit Unions

Use savings - or borrow?

Borrowing can help you cope with the unexpected ..

If things go wrong or get difficult, don't be afraid to ask for advice:

Work out a budget
Don't panic
Don't ignore the problem
Decide what takes priority
Contact your lender(s) and explain/discuss

Well done! You've reached the half-way point ..

Another four weeks, covering:

savings and investment;
property and the household balance sheet;
pensions; and
insurance

- and you'll receive your Statement of Participation Certificate

Take the Week 4 quiz/test at www.shareradio.co.uk - as you take each week of the course, your results will build up on your personal dashboard.