Wednesday, July 29, 2009
Category:
Secured Loans
Confused.com recently reported that families in Britain are set to pay out up to £1 million on household bills in their lifetimes.
Research shows that one in three are still not looking around for the best deals. Outgoings such as rent, insurance and utilities cost an average of £18,114.54 which equates to £941,956.00 between the ages of 18 and 70.
Gareth Kloet, spokesman for Confused.com said: "Bills are an unfortunate fact of life and very few of us really stop to think about how much we're paying out each month.
"This latest set of figures really brings these costs into focus. When you see just how much it all adds up to, you can start to see how much you can save when you shop around to get the best deals."
The biggest dent to finances is reported to be rent or mortgage payments which cost an average of £6,182.28 a year. Insurance for homes, contents, cars and life assurance is set to cost households £1,476.84 per year whilst it costs an average of £1,167.52 for essential utilities. Loan and credit card repayments are reported to be £2,790.60 a year, the equivalent of £145,111.20 over a lifetime. 55 per cent of those surveyed said that they were finding it hard to make ends meet and 17 per cent even stated that they were trying to ignore costs in the hope that they would disappear.
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Homeowners who have rising utility bills, could consider making some energy saving home improvements financed with a
secured loan. A secured loan is one of many options to fund home improvements. Potential energy saving home improvements which could be funded with a secured loan include replacing old draughty windows and doors with UPVC versions and adding extra insulation in loft spaces. Solar energy panels to heat hot water could also be an option.
