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When Is It A Good Idea To Go Into Debt?

08th November 2024

Debt often gets a bad reputation. Most of us associate it with stress, high interest payments and the fear of any accidently missed repayments negatively affecting our credit reports. But not all debt is created equal. Sometimes, borrowing money can be a wise financial decision that helps build wealth and improve your future. In this blog we will explore good debt vs bad debt, giving examples of when going into debt is generally considered okay and when it is best to avoid debt.

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WARNING: Late repayment can cause you serious money problems. For help, go to moneyhelper.org.uk

How much would you like to borrow:

£200
£750
How long would you like it for?
3 months
6 months

Your monthly repayments are:

1
£
2
£
3
£
4
£
5
£
6
£
Total amount to be repaid:
£  
Annual percentage rate:
  % APR

Representative Example: £200 loan for 6 months at a fixed interest rate of 290% pa. Total amount payable is £355.99 in monthly instalments of £65.11, £78.35, £64.05, £58.76, £48.16 and £41.56. This is based on the amount of credit plus interest, no other fees apply. Representative 1266.2% APR


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