Thursday, September 3, 2009
Category:
Secured Loans
According to uSwitch.com, 13 percent of consumers anticipate that the UK economy will be recession-free prior to the end of 2009, and 44 percent of consumers are predicting a return to positive growth during 2010.
With regard to the labour market, it was found that 25 percent of consumers are expecting healthy levels of employment by the end of 2009, although 24 percent are thought to believe that the situation will get worse before it gets better. Furthermore, it has been noted that 21 percent of consumers believe that the housing market will recover prior to the end of the year. However, experts and housing market indices both indicate that properties are not likely to reach pre-recession levels for a considerable period of time.
In relation to personal finances, findings revealed that 4.3 million consumers have been positively affected by the recession. For example, 35 percent have had their mortgage repayments slashed, and 54 percent have made ‘bargain purchases’ from competing retailers. When it comes to employment, 13 percent of the 4.3 million consumers are said to be working in ‘recession-proof industries’ and are experiencing their busiest period, whilst 3 percent of respondents are happy to have ventured down new paths following redundancy. Moreover, 36 percent of consumers feel that the recession has improved their ‘financial savviness’.
Personal finance expert at uSwitch.com, Louise Bond, commented: "No one can accurately predict when the current climate will abate. However, consumers really need to be aware of the financial legacy a recession leaves, long after a return to positive growth. People are already making significant cutbacks in the ongoing struggle to meet their monthly outgoings in the face of rising bills and the depreciating value of their assets. Despite the doom and gloom, however, many consumers are seemingly exhibiting a ‘British Bulldog' spirit amidst the financial crisis and finding ways to accentuate the positives. It is encouraging that consumers are also taking their financial future into their own hands by committing to changing their financial behaviours for the better."
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Homeowners who are looking to re-organise their finances could consider taking out a secured loan. One of many finance options available, a
secured loan for debt consolidation could be used to tie up existing borrowing. A secured loan for debt consolidation could result in multiple monthly repayments being reduced to just one. This new monthly repayment could potentially be lower than existing outgoings, thus freeing up useful money. 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.
