Wednesday, December 15, 2010
Category:
Consolidation
According to a survey conducted by ICM on behalf of Lloyds TSB, 57 percent of British banking customers are ‘more confident about how they manage their finances than ever before’.
Following the survey of 2,036 UK adults, Lloyds TSB has observed that ‘increased awareness about financial matters is at an all time high’ and ‘British consumers appear to be emerging from the depths of the recession with enhanced financial insight’. In fact, the survey revealed that 32 percent of respondents have taken more control over their finances than they have done in previous years.
Findings show that there has been a decline in overdraft usage. Though it was found that 52 percent of respondents have previously used an overdraft facility, Lloyds TSB believe that this trend ‘seems to be diminishing’. The survey uncovered that 46 percent of respondents now utilise their overdraft facility far less than they used to, whilst 34 percent have not utilised it for at least twelve months.
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Homeowners who would like to organise their finances, perhaps by tying up existing debts into one place, could consider taking out a secured loan. One of many finance options available, a secured loan for
consolidation could allow borrowers to replace multiple, monthly debt repayments with just one. What’s more, this single monthly repayment could even be lower than borrowers’ current outgoings, thus freeing up useful money each month. 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.
