Friday, January 9, 2009
Category:
Consolidation
Recent news from Go Compare.com has revealed that passing time with family and getting fit are lowering on the priority list.
As we enter a new year, more than 20 million of us in the UK are planning to resolutions; sorting finances are at the top for many, with seeing more of friends and family being forfeited.
In their survey of over 2,000 adults, Go Compare.com found that 60% plan to clear up their finances and pay off existing debts. The survey also found that resolutions are kept on average for 14 weeks. For individuals making resolutions based on finance, almost half intend to get out of debt, reducing their loan and credit card costs. Saving money on outgoings is on the list for 42% while 41% would like to invest in the stock market. Saving more in a deposit account and investing in pensions is on the list for 15% and 10% of individuals respectively.
As well as the financial new years resolutions, traditional oaths include losing weight, giving up smoking and getting fit. Just 15 % said that they would spend more time with friends and families. Of those making resolutions, just 38 percent of individuals will manage to stick to them. According to the research, they are usually unsuccessful due to them being unlikely in the first place. Some individuals confess that they make too many resolutions and some even say that they that they would need assistance in order to change their behaviour and habits.
Hayley Parsons, Gocompare.com's chief executive said, "Nearly half of those surveyed plan to make New Year's resolutions in 2009. And, in the current financial climate it's not surprising that money matters top the list. While most people surveyed make resolutions out of habit or tradition, nearly a third do so in the hope of genuinely changing their behaviour. However, the survey shows that 58% of resolutions falter in less than three months, so people are going to need some real help to keep on track.
"Of those making financial resolutions, 42 per cent want to save on outgoings. A really effective way of achieving this goal is to make sure that you are getting a good deal on your insurances and other financial products. Comparison sites like Gocompare.com can help by taking away the hassle of shopping around."
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Those individuals resolving to get their finances sorted in the new year could consider combining multiple debts into one with a secured debt
consolidation loan. Consolidating several personal loans, credit and store card debts into one may reduce monthly repayments in the short term, and borrowers will know the exact day and amount of their repayments each month. Borrowers of a secured loan should however remember that repaying borrowing over a longer term will increase overall interest charges.
