Friday, August 25, 2006
Category:
Secured Loans
Many Brits are so embarrassed by their finances that they choose to bank online rather than discussing personal financial matters over the phone or face-to-face, according to Lloyds TSB research.
New figures from the group have shown over half of the UK population – 54 per cent in total – opt to bank online rather than face the possibility of discussing their financial matters openly.
The largest factor in wishing to bank online is the privacy this method offers with a majority of 45 per cent of people citing this as the reason they did so. Also, two fifths - or 43 per cent - of those questioned in the survey stated they would feel happier applying for a loan online.
Anita Hockin, head of Internet, Lloyds TSB, said: "Money is one of the few subjects that many people still feel uncomfortable talking about, even with their bank. Internet banking has become increasingly popular in recent years, not just because it's convenient, but because it gives people privacy when it comes to managing their money."
The research highlights that money is a sensitive area for many, and this could be because people are unsure how to keep on top of their finances. A
secured homeowner loan may provide a solution for individuals who want to lower outgoings by consolidating multiple debts. This could help them take control of their finances. Borrowers should however remember that repaying borrowing over a longer term will increase overall interest charges.
