Friday, May 4, 2007
Category:
Consolidation
With recent temperatures befitting more Mediterranean countries, it seems that the spending habits of Brits across the country are following a similar route to our soaring temperature.
It seems from research, conducted by Halifax credit card statisticians (following the hottest ever July day in England in 2006) that with rising temperatures there is a noticeable surge in home entertainment and garden enjoyment.
The proportion of credit card expenditure on food and drink for home consumption increased by over 7%, with expenditure on eating out also up 3%. Home and garden improvements also rose. With such warm temperatures at home, Brits were less keen to travel abroad. The level of credit card spending on travelling and holidays reduced by 5%.
Ian Larkin, head of Halifax Credit Cards comments:
“We Brits like to make the most of every minute of sunshine we get and a week of unprecedented temperatures seems to have sent us all dashing out to make the most of it.”
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While enjoying the fine weather, homeowners who may have overspent on their credit cards and find it confusing making multiple repayments, could consider consolidating these debts with a debt
consolidation loan. One of many options, a debt consolidation loan could help keep multiple store cards and credit cards under control. With one monthly repayment and the chance to reduce monthly outgoings through stretching repayments over a term to suit the borrower, a debt consolidation loan could help future planning as borrowers will know the exact date and amount that will be taken each month. It is however important to remember that repaying borrowing over a longer term will increase overall interest charges.
