Friday, August 28, 2009
Category:
Secured Loans
Recent news from Moneyextra.com has revealed that more than half of homeowners are experiencing increasing money problems.
Despite this, 37% said that they would not make key lifestyle changes which would get them out of debt.
When it comes to downsizing, Londoners are the most hesitant to do so. 23% of those living in the UK capital would be reluctant to move and are half as likely to have control of their finances as those living in Manchester and Newcastle.
Whilst experts are encouraging people to downsize, Brits are determined to keep living in the style to which they have become accustomed. Women are more reluctant to downsize compared to men, with 56% saying their home is a reflection of them, compared to 50% of their male counterparts.
66% of people care about what their neighbours think and 59% feel that they are judged by the size and value of the home in which they live. More than half of Londoners feel that downsizing to pay off debts would be an indication of failure and just 40 percent of people living in the most Northern parts of England feel this way.
Financial prudence is most prevalent in Scotland. When surveyed, just 3% of Scots said that they would be unable to pay off their mortgage. Compared to the rest of the UK, 10% said that they would face difficulty.
Moneyextra.com carried out this research at the same time as their Quarterly Housing Index which has shown that mortgage availability is much lower now compared to the same time last year.
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Homeowners who have mounting credit card, store card and hire purchase repayments to make, could consider consolidating these with a
secured loan. A secured loan for debt consolidation will place all your debts into one potentially lower monthly repayments, which could lower your monthly outgoings. A secured loan is one of many options to consolidate debt. 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.
