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General
This website / application has been prepared by FIL Investment Management (Hong Kong) Limited and for informational purposes only. FIL Investment Management (Hong Kong) Limited, FIL Limited and its subsidiaries are commonly referred to as Fidelity or Fidelity International ("Fidelity"). The information on this website / application is intended for Hong Kong residents and is for reference only. None of the Fidelity products referred to on this website have been approved for sale or purchase by any authority outside Hong Kong. Persons resident in territories other than Hong Kong should consult their professional advisers as to whether they may subscribe for the products and services described in this website / application or whether they require any governmental or other consents or need to observe any formalities to enable them to do so. Certain Fidelity products sold in Asia may be established in Luxembourg. The information contained in this website / application does not constitute a distribution, an offer to buy or sell any securities or the solicitation of any offer to buy or sell any securities, engage the investment management services of Fidelity in any jurisdiction in which the distribution or offer is not authorized or would be contrary to local laws or regulations. Without limitation, the information in this website / application is not for distribution and does not constitute an offer to buy or sell any securities in the United States of America to or for the benefit of United States persons (being residents or citizens of the United States of America or partnerships or corporations organized under the laws of the United States of America). It is the responsibility of the persons who access this website / application to observe all applicable laws and regulations.
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5 steps to being a better borrower
04 Sep 2024
Better borrowing starts with you. To maintain a healthy attitude to money, it’s important to take a holistic view of your finances.
1. Know what you can afford
Be honest with yourself about how much you owe and where your money goes. Make a note of your take-home pay, then offset that against your regular and variable expenses. Don’t forget credit card balances, personal loans or any other loans. You will soon get a good idea of whether you’re spending within your means (you have some cash left after everything has been paid for) or living way beyond your means.
2. Monitor your repayments and adjust when necessary
Now that you’ve seen how much of your income goes on repaying debts you already have, see what you can do to clear them more quickly. If you can pay more, do so. If you’re earning less and overstretching yourself, then reduce it accordingly. But make sure you review this as soon as your earnings go back up, so you keep your repayment plan on track.
3. Obey the rules of balance transfer
According to Fidelity's Global Sentiment Survey1, 15% of Hong Kong respondents cited debt management as their most pressing financial need. Credit card loans are prevalent in Hong Kong and some Hongkongers repay their credit card debts late which incurs additional charges. There are lots of ways available in the market to clear credit card debts. For instance, many credit card companies offer 0% interest when you transfer your balance to their card, but if you do this, make sure you pay off the balance on time before the 0% interest offer ends. Beware that even though there are no interest charges involved, you will probably to pay some type of fee for a credit card balance transfer, typically ranging from 3% to 5% of the amount you transfer.
4. Reviewing your finances occasionally
Remember the palaver when you were taking out your mortgage? All the endless research you carried out in order to decide which lender was better, whether to opt for a fixed rate or tracker, and how you'd cope with the interest rate hike? While you might breathe a sigh of relief now that those days are over, you should check that the interest rates for your credit card, current account or personal loan are competitive. If not, switch.
Regularly reviewing your borrowing is crucial. If you can trim even a small amount off your mortgage payments, reduce your credit card balance or pay off your loan sooner, it’s time well spent.
5. Seek help immediately if you get into difficulty
Debts don’t go away if you ignore them, so it is important that you take actions. Speak up at the first sign of a debt problem. See how to get help with debt problems. To get more information on how to manage the debts, please check out IFEC’s guide.
1 The Fidelity Global Sentiment Survey 2023’s data collection, research, and analysis in regard to global employees and was completed in partnership with Opinium, a strategic insight agency. Data collection took place in July 2023. The sample consisted of 26,000 respondents with the following qualifying conditions: aged 20–75; either they or their partner were employed full-time or part-time; not all regions were asked about sexual orientation or gender identities (individuals that did not identify as either as male or female did not represent a statistically significant sample size and are not presented within this piece); a minimum household income of: Australia: AUD $45,000 annually; Brazil: BRL $1,501 monthly; Canada: CAD $30,000 annually; China: CNY ¥5,000 monthly; Denmark: DKK Kr.100,000 annually; France: EUR € 20,000 annually; Germany: EUR € 20,000 annually; Hong Kong: HKD $15,000 monthly: India: INR₹55,001 annually; Republic of Ireland: EUR € 20,000 annually; Italy: EUR €15,000 annually; Japan: JPY ¥1.5m annually; Mexico: MXN $4,500 monthly; Netherlands: EUR € 20,000 annually; Saudi Arabia: SARر.س.س4,000 monthly; Singapore: SGD 2,000 monthly; South Korea: KRW₩1.0m monthly; Spain: EUR kr€15,000 annually; Sweden: SEK kr200,000 annually; Switzerland: CHF CHf20,000 annually; United Kingdom: GBP £10,000 annually; United Arab Emirates: AEDإد.إ5,000 monthly; United States: USD $20,000 annually.
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