Monday, January 29, 2007
Category:
Consolidation
Recent news from Direct Line Home Insurance revealed that Brits are set to spend £5.5 billion in the January sales.
This is £1.8 billion more than the amount spent in January 2006. The majority of spending is set to be on electrical goods, with almost 30 per cent hoping to buy digital televisions, laptop computers and MP3 players.
Also popular are household goods, with upholstery and decorating goods at the top of sales shoppers’ lists. Clothes and footwear are also popular and four in ten people hope to make savings on apparel. New year spending follows a quiet Christmas, and nearly half of Brits said they resisted spending in December in preference for the January sales. 2.7 million asked for vouchers instead of presents from friends and family.
When it comes to bargain hunting, Londoners are this year’s keenest, spending an average of £171, this is followed by those living in the Midlands who are said to spend £126. Those spending the least are in Wales, at just £73.
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Those who turned to plastic over the festive season and January sales could consider paying off credit card debts with a debt
consolidation loan. Repayable over a term of 5 to 25 years, a debt consolidation loan will spread the cost of repaying borrowing. With several credit cards, there are various monthly repayments to make, and it can become confusing juggling several things at once. With a debt consolidation loan, multiple monthly repayments are wrapped into one straightforward transaction. One of many options to pay off debt, a debt consolidation loan can also be used to pay off overdrafts and personal loans. It is however important to remember that repaying borrowing over a longer term will increase overall interest charges.
