ARE YOU DEEP IN DEBT OR DROWNING IN IT? FIND OUT
Are you struggling to pay your debts?
If the answer is yes, then you’re definitely in trouble. Before you completely fall out of your creditor’s good graces, take a step back and find out why making repayments has become harder. Then, find ways to increase cash, such as creating and sticking to your budget, and searching for an additional income stream.
Are you borrowing money to pay off existing loans?
Borrowing money to repay loans is the ultimate sign that you’re in deep debt problems. It’s a roller coaster situation, after all. You may be able to pay off one loan, but you’re still facing a new one. So, before you seek financing options, evaluate your financial situation first. Do you really need another loan on top of the others?
Do you have savings or emergency fund?
Having money for the rainy days is crucial, more so for unexpected events. This why you should start one right away if you still don’t have any. If you don’t have extra for savings, find ways to stretch your income.
Do lenders turn you away?
It is one thing to be granted a loan with high interest rate because of a low credit score; it’s another if lenders deny you credit—completely. The situation clearly shows that you’re in over your head, and unless you turn things around, you’re financial problems will be there to stay. Having debts can become a messy affair. So, before you end up drowning in them, evaluate your finances and find appropriate solutions for existing problems. Learn from other people’s mistakes, especially where credit cards are concerned.
LOANS FALLING | THE UPDATED DATA IN JUNE 2013
The monthly report presented by the European Banking confirms a significant decline in lending in June 2013 compared to values measured twelve months earlier. The loans granted amounted to 1.893 billion euro, almost 3% less than in the same period last year. The decline continues the trend of May. It is a notable gap with the total deposits of the banks amounted to 1.7354 trillion euro.
Loans to households and businesses in June 2013 were down by -3.1% then the crisis continues to weigh heavily on the possibility of getting loans for individuals and their activities, namely the possibility of offering the necessary guarantees to institutions of credit in turn pledged to protect their balance sheets. The risk is indeed remarkable and gross non performing loans touching the 5.9% for households and 10.9% for business. Also decreased are the interest rates on loans.
What was also negative is the bonds sector, -9.2% on an annual basis even if the total deposits marks a + 0.7% in June 2013. The interest rate on deposits on June was 1, 07%, for bond remains at 3.43%, while for the repurchase agreements it is 2.02%. This data is not present in significant changes in the short, especially not before September when we will be able to assess the progress with new surveys.