If you are worried about your finances due to COVID-19 then you aren’t alone. There are lots of people facing uncertain and difficult times. However, there are steps you can take to help maintain your financial stability during the current pandemic:
- It is important to keep up-to-date with the latest guidance from the government on the financial support available: https://www.gov.uk/coronavirus
- Get in touch with your bank or credit provider and speak to an advisor who will be able to offer more personal advice to you
- For the longer term, if you’re considering credit, be sure to explore the various options available and think about the interest over the full term, not just the headline rate. Be careful not to overstretch yourself
- Think carefully about the implications of the different kinds of credit available. For example, a secured loan (one that’s protected against a significant asset; such as a house or car) may have a lower interest rate but it may be a larger risk that needs to be properly considered
- Check your TransUnion credit score on a free checking site such as Credit Karma, MoneySuperMarket, or TotallyMoney. Knowing your credit score will help you to understand what products you’re likely to be accepted for and ensure your report is accurate.