💸 2022 was the year our personal finances went into meltdown ⬇️ But there are things you can do to take control of your finances and protect yourself from the worst of the rising cost of living in 2023
and bills. More people are turning to credit cards to get by and rising numbers of people are missing bill payments they simply cannot afford to make.
If you’re on your lender’s standard variable rate, talk to a mortgage adviser. They may be able to move you on to a different loan to bring your monthly costs down. If you’re worried, talk to your lender as soon as possible. They do not want to repossess anyone’s home – it usually costs them more money than they gain and is reputationally damaging.
Sarah Coles, senior personal finance analyst at Hargreaves Lansdown, says: “The rental property drought is driving rents sky high, swallowing an incredible 35 per cent of the average single income. For landlords in need of help, the advice is speak to your broker to see whether debt can be redistributed across other properties in your portfolio – or your home to bring rates down.savings rates have risen steadily this yearThe latest Bank of England money and credit report showed a record £11.3bn went into fixed-rate savings accounts in October, the highest since records began in 1997.
“It’s not because we don’t know there are higher rates available online, but there’s still a lack of trust. It’s costing us dear, someone with £30,000 of savings could be missing out on £628 a year.”
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