Wednesday, January 25, 2012
Category:
Consolidation
According to research commissioned by MoneySupermarket.com, UK consumers’ greatest financial concerns for the year include the high cost of utility bills, petrol and food. In fact, it has been revealed that anxiety regarding the impact of day-to-day bills is double that of other concerns, such as unemployment.
The price comparison site’s report which looked at an array of financial pressures, found that this year consumers are ten times more worried about the cost of utility bills than about making their mortgage payments each month. This is reportedly the greatest financial concern for 43 percent of respondents, whilst 4 percent are most financially stressed about their mortgage. The increasing cost of food and petrol were also found to rank in the top three concerns, at 34 percent and 33 percent respectively.
MoneySupermaket.com has highlighted the fact that a quarter of households would not be able to cope for more than a week, from a financial perspective, if their income were to suddenly change.
A recent Family and Parenting Institute study estimated that this year, the average family will find themselves more than £1,000 worse-off. Meanwhile, MoneySupermarket.com’s research uncovered that an extra £1,000 would help 63 percent of respondents to cope with their greatest financial worries in 2012. It was found that 27 percent of respondents would save any extra money, whilst 13 percent would put it towards paying their household bills.
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Homeowners whose finances are particularly tight at the moment could consider taking out a secured loan to relieve the pressure. One of many finance options available, a secured loan could be used to tie up any existing debts that are proving to be expensive each month. By consolidating debts, such as credit cards, borrowers could be left with lower outgoings and extra money each month. Interested homeowners could use a
secured loan 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.
