Thursday, October 15, 2009
Category:
Consolidation
According to a report conducted for Bright Grey, 25 percent of Brits are finding their finances tight when it comes to paying their monthly bills. This equates to 12 million individuals, and could increase to 18.8 million if bills were to rise by £50 a month.
The report involved a comparison between perceptions of monthly outgoings and independent research regarding actual expenditure and personal assets.
Findings revealed that £1,378 is spent on ‘essentials’ by the average Brit each month, which is the equivalent to 68 percent of the average single income. For families, this figure is reported to stand at £2,001. Following the deduction of rent or mortgage payments, the largest outlays would appear to be transport at £267, the monthly shop at £208, and council tax at £120. Further findings include the fact that fuel bills have increased by 325 percent since 2003, and our ‘shopping baskets’ have risen by 27 percent each year.
The research also uncovered that 55 percent of the population would have a financial struggle on their hands if their bills were to increase by £100 a month.
Proposition director at Bright Grey, Roger Edwards, remarked: "The report reveals the average Brit is just £155 away from a money meltdown. The frightening truth is that many Brits are already struggling to afford their monthly bills - and all it would take is a small increase in bills or drop in income for people to find themselves in trouble."
……………………………………………………………………………………………….......
Homeowners who are finding it hard to keep on top of their monthly commitments, and would like to address existing debts that may be causing difficulties, could consider taking out a secured loan. One of many finance options available, a secured loan for debt
consolidation could allow the borrower to put all their debts in one place. In doing so, multiple monthly repayments could be reduced down to just one. Additionally, this single monthly repayment could even be lower than current outgoings. However, when considering a secured loan for debt consolidation, it should be remembered that consolidating your debt may increase the amount you pay back overall and extend the repayment periods of your debts.
