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All articles by Rachel Lane -
Premature aging is spreading across the UK and is particularly
prevalent amongst recent graduates in the UK who, upon leaving
university, are plunged straight into fears about the property
ladder, pensions and paying off their student debts. These young
people graduate at the age of 21, do not pass go and head straight
to 35, worrying about their personal finance investments before
finding their feet in life.
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Most of us have been in a position at some point when we simply
have had insufficient funds to pay for something. This could be car
insurance/repairs, course fees, holiday, Christmas presents,
electrical items or even the weekly shopping. According to Credit
Action, 2.4 million personal loan agreements were recorded in the
first quarter of 2005, totalling £13.5 billion. The national debt
education charity reported that 30% of the personal loans were for
cars, 24% for home
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Protecting your home
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The number of homeowners taking out secured loans is set to slow
down over the next five years according to analysts at Datamonitor.
Over the past five years, the market for secured loans has
increased by over 50%, however predictions indicate that loans
secured against property will only increase at a rate of 5.3% a
year up to 2009. Last year, Â0Â16bn was borrowed by homeowners
secured against the value of their property but according to
Datamonitor
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There are three main types of insurance cover you can buy to
protect yourself and your family: life insurance, private medical
insurance and critical illness insurance. If you want your
financial health to be completely bionic then you could choose all
three types of insurance, but if your family finances are more
restricted, it might be better to insure yourself with critical
illness insurance and life insurance. Critical illness insurance
should not be confused with private medical
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Critical illness cover (CIC) is a type of insurance which
provides a significant one-off payment if you are diagnosed with a
specified life-threatening condition – specified being the
important term, because if your illness isn't in the terms and
conditions – you won't get the payment. Over recent years, critical
illness cover has gained in popularity due to lower costs and
apparent simplicity.
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Are you one of those people who doesn't open their bank or
credit card statements? Do you take out store cards on the spur of
the moment? Have you been with the same bank simply because it is
less hassle than changing?
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Critical illness insurance:
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Sorting out your personal finances can be a tricky and
exasperating time. Whether you are looking to obtain money through
a loan, protect your finances with life insurance, medical, travel
or car insurance, save some money through an individual savings
account (ISA), apply for a credit card or a mortgage, change a
telephone or fuel utility supplier, or simply decide what the best
current account is for your needs, the choices are seemingly
endless as well as
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For months, we were trigger-swipe happy, putting our groceries,
clothes, holidays and service charges on our credit cards. We
wanted mortgages, we took out loans, we watched Property Ladder and
What Not To Wear. Whether you were born middle class, had middle
class aspirations, you became middle class through your spending.
Debt united people around the UK, we sympathised with each other on
what we couldn't afford – but it didn't matter, we still bought it.
Soon
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