Mortgage

If managing your finances isn’t difficult enough, finance and money matters seem to have their own language which you need to understand too! If you struggle to remember the difference between a debtor and a creditor, or inflation and interest, then here are some of the most common personal finance terms with simple explanations.

When it comes to money, your priorities, needs, and goals change as you move through life. In your twenties, you have a vastly different relationship with money than you do in your sixties, but it is important to recognise that at each stage of your life, the financial decisions you make can impact or enhance your financial future, regardless of how far away that might seem.

Whilst renting a property has some advantages, such as being able to live in a location you’d otherwise not be able to afford, the distinct downside of renting is that you ultimately have little to show for the thousands of Euros you pay out in rent each year. 

Second part of Reducing the cost of debt post.
 

Tip 5: Re-mortgaging to pay off debt

Secured debt, such as a mortgage, tends to offer the cheapest form of borrowing. You could consider borrowing more on your mortgage to pay off expensive unsecured debt such as credit cards, unsecured loans, and overdrafts.

Whilst most people will have some sort of debt to manage their finances, the aim with debt should always be to repay it as quickly as possible whilst paying the least amount of interest along the way.

Here are eight tips to help reduce the cost of your debt.