Tuesday, September 29, 2009
Category:
Secured Loans
According to Halifax Unsecured Personal Loans, 49 percent of people between 55 and 64 years of age would like to take ‘time out’ for travelling.
In fact, it was found that 59 percent of those in this age group would not postpone their ‘trip of a life time’ – despite the recession. However, it would seem that 58 percent of 16 to 24 year olds would be prepared to delay their travels until they are older.
With regard to the length of trips, findings revealed that 12 percent of Brits would prefer to venture away for three to six months, while 11 percent would prefer to be away for six months or more. In relation to expenditure, it was found that 20 percent of those travelling for three months can anticipate an outlay of £2,000. Additionally, those travelling for up to six months can anticipate parting with £3,000.
Furthermore, an average 18 to 25 year old can expect to spend up to £4,000 on their trip away. In contrast, this figure stands at £2,604.20 for an average 55 to 64 year old, with 18 percent being prepared to shell out in excess of £5,000.
In terms of methods of payment, Halifax discovered that 23 percent of Brits would turn to unsecured forms of borrowing such as loans, credit cards and overdrafts. The research also showed that 22 percent of those between 55 and 64 years of age would contemplate working whilst they are away in order to afford their trip of a lifetime.
The primary location for gap years was established as being Europe, with 69 percent admitting that this is their preferred destination. Nevertheless, the research also showed that 61 percent of respondents may consider Australia and New Zealand as an alternative. For 33 percent of 55 to 64 year olds, an ‘around the world trip’ is more likely than remaining in one continent for the duration.
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Homeowners who have had to rely on personal borrowings in the past, perhaps to fund that dream holiday, could consider tying these up into one place with a
secured loan. One of many options available, a secured loan for debt consolidation could be used to reduce multiple monthly repayments down to just one. In addition, the single monthly repayment could even prove to be lower than existing outgoings; leaving the borrower with a little extra each month. However, when taking out a debt consolidation loan, it must be remembered that consolidating your debt may increase the amount you pay back overall and extend the repayment periods of your debts.
