Tuesday, July 4, 2006
Category:
Consolidation
New research by market analysts Mintel has revealed that consumer spending has reached an all time high in the UK, with over £1 trillion being spent last year.
Borrowers who are struggling to control their spending may wish to acquire homeowner loans rather than building up hefty overdraft or credit card debt.
Each household in the UK forked out an average of £37,000 last year on areas including housing, food, transport, utilities, cars, and holiday; a 43 per cent growth in real terms compared to a decade ago.
A large percentage of the spend came in the purchase of non-essential and luxury items including electronic products and trips abroad.
"The last ten years have clearly been the decade of big ticket purchases and buoyant expenditure on these items such as holidays, cars, furniture and appliances reflects the growing affluence of the British nation as a whole," commented Mintel's director of research, Paul Rickard.
Consumers who have run up debts on multiple credit and store cards and would like to straighten out their finances could consider consolidating these with a secured loan.
