Thursday, February 15, 2007
Category:
Consolidation
Alliance and Leicester recently reported that up to 12 million Brits failed to save anything in 2006.
With 2.4 million of us preferring to live for today, rather than save, one in five failed to save as much as they planned in 2006. 2007 is earmarked as a year to sort out savings for eight out of ten of us.
Research by the Alliance and Leicester explains that one in three Brits saved nothing in 2006 and a fifth said they didn’t save as much as they had planned during the year. Half of those who did save were unable to resist dipping into their nest eggs during the course of the year.
82 per cent say that 2007 is the year in which they will sort out their savings, nearly a third say that this is because they have realised the implications of not having adequate funds put aside. More than half of us will put money aside as and when we can afford to in 2007 instead of committing to a regular savings scheme. Loose change will be collected by 31 per cent of us and put it in a piggy bank.
Reasons given for not saving money include that it is time consuming and unnecessary. 74 per cent say that they couldn’t afford to save and that this is likely to continue in 2007. Adopting for a live for today lifestyle are 6 per cent who prefer to spend rather than save hard earned cash.
.......................................................................................................................
Homeowners who have found it difficult to save in 2006 and have several credit cards, could consider consolidating these with a debt consolidation loan. Having several credit and store cards, it is possible that a large part of monthly repayments is interest. With a debt consolidation loan, it is possible that a small part of monthly outgoings could be freed up as borrowing is spread over a longer term. Clearing debts with a debt consolidation loan means that there is no longer any need to juggle multiple monthly repayments as they will all be wrapped into one. One of many options, debt consolidation loans can usually be repaid over a term of 5 to 25 years. It should however be remembered that repaying borrowing over a longer term will increase overall interest charges.
