Borrowing

Borrowing money might be the right thing to do if you need money. But all money you borrow is a debt. It can be much harder to live with debt than to live on a low income.

This is because borrowing always costs you more money than the amount you get as a loan. If you don’t have enough money to live on now then borrowing might make things worse.

Before you agree to borrow any money from anybody, answer yourself these questions;

  1. Do I need to borrow? Is there another way I can get the money I need?
    Find other ways to increase your income
  2. Does my Personal Budget say I can afford to borrow?
    Find out about getting more control over your money

Watch this Money Advice Service video about borrowing money and paying it back.

Get tips from Citizens Advice Bureau about borrowing money

Choose from one of the two options below to find out more about borrowing money

OPTION 1 → Loans: different types and what you need to know

OPTION 2 → Cards: different types and what you need to know

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