Wednesday, October 19, 2011
Category:
Secured Loans
According to a survey commissioned by HSBC, nearly half of Brits are intending to ‘put current economic conditions to one side’ and refrain from reducing their Christmas gift expenditure this year. In fact, it has been revealed that an average sum of £560 will be spent on 2011 Christmas celebrations.
It was found that on average, people across the UK will spend £378 on presents for their immediate family members this Christmas, and £183 on entertainment, food and drink.
Findings also uncovered that those between 35 and 44 years of age and those living in North West England will spend the most, at £605.89 and £852.84 respectively. Furthermore, 20 percent of respondents were found to have said that they will spend more money this year than they did in 2010. However, the findings also uncovered that 22 percent will spend less this year compared to last year – particularly women and those living in Wales, at 25 percent and 31 percent respectively.
When it comes to funding Christmas gifts, the survey revealed that 67 percent of respondents will use their salary or other income, whilst 37 percent will turn to their savings. However, 21 percent will reportedly borrow money to pay for Christmas presents, with 22 percent of 35 to 44 year olds relying on credit and store cards. The survey also revealed that 18 to 24 year olds will use overdraft facilities (13 percent), personal loans (3 percent), pay day loans (2 percent) or borrow money from their friends and family (3 percent).
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Homeowners who are concerned about how they will get through the festive period due to their finances already being overstretched could consider taking out a secured loan. One of many finance options available, a secured loan could allow borrowers to tie up any existing debts such as credit cards or store cards, which may even have been taken out to meet last year’s Christmas expenses. Consolidating debts can often leave borrowers with lower monthly outgoings, thereby freeing up useful money each month. Interested homeowners could use a
secured loans calculator to work out their monthly secured loan repayments if desired. 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.
