Wednesday, November 30, 2011
Category:
Consolidation
According to American Express Platinum Cashback Credit Card, many people manage their finances in order to purchase food and drink for Christmas Day, and to buy presents for their nearest and dearest. However, the company’s research has uncovered that unexpected, expensive ‘hidden extras’ may come as a surprise during the course of the next couple of months.
In fact, findings have shown that UK adults can expect to part with an average sum of £210 on these ‘seasonal add-ons’ this year. These extra costs – for things such as party clothing, festive drinks, and babysitting services – reportedly amount to a collective £10.2 billion.
It has been revealed that drinks with friends ranks at the top of the list of ‘hidden extras’, followed by parties at number two, and travelling to visit friends and family at number three. Ranking in fourth and fifth position are New Year’s Eve celebrations and sales shopping, respectively.
Findings have shown that 30 percent of respondents will pay for extra costs with their monthly salary. However, American Express Platinum Cashback Credit Card has pointed out that most people only have two pay days remaining before the New Year, so their November and December salaries may therefore be ‘stretched to the limit’.
The research uncovered that 74 percent of respondents plan to spend the same amount of money, or more, as they did last year on ‘seasonal necessities’ and extra costs. It is anticipated that funding the entire festive period will cost each adult £718.
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Homeowners whose finances are particularly tight at the moment – perhaps due to juggling expensive credit card bills – could consider taking out a secured loan. One of many finance options available, a secured loan could be used to tie up any existing debts into one manageable, monthly repayment.
Consolidation loans can therefore leave borrowers with more money each month, which may help to relieve the pressure. 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.
