Monday, November 9, 2009
Category:
Secured Loans
According to a report by Abbey Savings, 57 percent of monthly ‘paid for’ entertainment is consumed by Brits in the home and just 43 percent is consumed outside the home.
Abbey Savings refers to the former as ‘in-tertainment’, which includes renting DVDs, working out at home, hosting dinner parties and having takeaways.
The report revealed that such forms of entertainment saved Brits £3.9 billion last month, which equated to £89 per head. Nevertheless, £1.7 billion was still spent on home entertainment – the equivalent to £38 per head. It was found that this money was spent on 1.7 million DVD rentals, 63 million takeaway meals, 16 million dinner parties and 53 million hours exercising at home.
It was also discovered that Brits in employment are spending a significant proportion of their holiday days in their property. In fact, the average working Brit reportedly spends half of their annual holiday entitlement at home. Furthermore, it is anticipated that 31 percent of employed Brits will spent three quarters of this year’s annual leave at home. For 37 percent, the motivation is to save money.
Abbey Savings points out that an increasing number of Brits have luxuries in their homes. For example, during the study 14.2 million people claimed to possess ‘high end home cinema equipment’. In addition, it was found that 5.5 million people own a cappuccino maker, 2.7 million have their own gym equipment at home, and 1 million have a Jacuzzi.
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Homeowners who have had to make considerable cutbacks as a result of the recession, but are still finding their finances tight, could look into the possibility of taking out a secured loan for debt
consolidation. One of many finance options available, a secured loan for debt consolidation could be prove helpful for those with existing personal debts and credit cards. By consolidating debts, the borrower could potentially reduce their current outgoings. Furthermore, debt consolidation leaves the borrower with just one monthly repayment as opposed to having to manage several. However, when taking out a debt consolidation loan, it must be remembered that consolidating your debt may increase the amount you pay back overall and extend the repayment periods of your debts.
