Thursday, May 19, 2011
Category:
Secured Loans
According to new research conducted by Opinium Research on behalf of Pay YOUR way, ‘as a nation we like to keep a close eye on our money’. Pay YOUR way, the campaign that helps people ‘benefit from modern payment methods’, has revealed that online technology is used to check bank accounts as frequently as once a day. However, many people are reportedly continuing to visit their bank branches, where they spend ‘valuable hours’ tackling simple tasks.
Findings have shown that 67 percent of UK respondents prefer accessing their money via online banking, with 24 percent checking their bank account on a daily basis. A further 39 percent were found to be checking their online banking at least once a week. Meanwhile, 15 percent of respondents admitted that they had never used their online banking service.
The research revealed that 79 percent of respondents feel confident when it comes to making online banking transactions, with 90 percent of 25 to 34 year olds feeling this way. In contrast, just 4 percent of respondents reportedly said that they are not confident. In total, 89 percent of respondents were found to have made online transactions, with this figure dropping to 80 percent amongst those over the age of 65.
When it comes to the traditional method of money management – visiting a bank or building society branch – 28 percent would reportedly prefer this. In fact, it was found that 12 percent are visiting their local bank branch at least once a week, while 10 percent go every two weeks on average. However, 7 percent reportedly revealed that they never go into their local bank branch.
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Homeowners who would like to organise their finances could consider taking out a
secured loan to consolidate any existing debts that may be proving expensive each month. One of many finance options available, a secured loan for consolidation could allow borrowers to reduce multiple monthly debt repayments down to just one. What’s more, this single monthly repayment could be lower than the sum of current outgoings – thereby freeing up extra money each month. However, if opting for a secured loan to consolidate debt, it should be remembered that consolidating your debt may increase the amount you pay back overall and extend the repayment periods of your debts.
