Wednesday, July 15, 2009
Category:
Secured Loans
New research by Sheilas’ Wheels home insurance has revealed that parents nationwide are reducing expenditure on themselves in order to keep clothing their children in the designer brands that their friends are donning.
With some designer t-shirts, sweatshirts and trousers sometimes commanding as much as £60 each, there is a vast amount of pressure on parents who may be feeling the effects of the recession.
The research shows that 76 percent of the parents surveyed are spending less on their own clothes, whereas 43 percent said that they would not do this where their children’s clothes are concerned. In fact, 51 percent of respondents admitted that in the past 6 months they have ‘traded down’ from fashion brands and designer clothes when it comes to their own wardrobes so as to maintain the level of spending on their children.
In terms of the amount of money spent on children’s clothing, 20 percent of respondents explained that they spend an annual sum in the region of £500 to £1,000 on a single child to ensure that they are wearing the latest clothes and accessories. 5 percent of the parents polled said that they spent between £1,000 and £1,500, and 1 percent confessed to spending a minimum of £2,000. In contrast, 86 percent of parents spend under £1,000 a year on clothes for themselves.
Jacky Brown at Sheilas’ Wheels commented: "Clearly today's parents are feeling under a lot of pressure to buy top-end clothing for their children. This has almost led to a two-tier family shopping experience with kids coming out on top when it comes to brand names and parents cutting back on their spending. Whatever the strain on the household purse-strings, peer pressure and wanting your child to look their best is driving what parents spend on fashions for the whole family.”
……………………………………………………………………………………………………
Homeowners who have found themselves relying on credit and store cards to fund purchases could consider consolidating their debt with a debt
consolidation loan. With a debt consolidation loan, multiple repayments on different dates can be rolled into one thus eliminating the need to juggle multiple repayments each month. In addition to reducing the number of monthly repayments down to just one, the new single repayment could even be lower than current outgoings. A debt consolidation loan is one of many options to consolidate debt. 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.
