Friday, March 25, 2011
Category:
Consolidation
According to uSwitch.com, their new research has revealed that 41 percent of respondents are now ‘concerned about their own financial position’ following this week’s budget, with 36 percent now feeling worse off.
The independent price comparison and switching service also found that 25 percent of respondents have been left feeling less confident about Britain’s finances, whilst 36 percent are no longer as confident about their own finances. Furthermore, 37 percent are reportedly feeling less confident about the end of the recession.
Director of Consumer Policy at uSwitch.com, Ann Robinson, commented: "Wednesday's Budget may have been billed as a growth budget, but consumer confidence has remained low. Over a third of Brits (36%) now feel less confident about their own finances, a quarter (24%) feel less confident about the country's finances and a fifth (20%) are now less confident about their job, showing we're not out of the woods just yet.
"Four in ten (41%) Brits may still be concerned about their own financial position, but with less people feeling worse off than after last year's Budget, there does seem to be some light at the end of the tunnel. Motorists have something to smile about following a cut in fuel duty, and those looking to get on the housing ladder have been given a leg up. Following the announcement of a scheme to help at least 10,000 first time buyers nearly a third (30%) of Brits now say it's a good time to be a first time buyer - last year just 8% felt this way.
"However it's clear consumers are still feeling the pinch and need to take better control of their own budgets. Stripping down living costs and household bills to the bare minimum will help consumers enjoy more disposable income, and will also help them save for the future."
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Homeowners whose finances are tight at the moment could consider taking out a secured loan to consolidate existing debts. For example, one of many finance options available, a secured loan for
consolidation could be used to tie up any existing debts that may be proving expensive each month. By consolidating debts such as credit cards, borrowers could be left with extra money each month, which could potentially be set aside in a savings account for future use. However, if opting for a secured loan to consolidate debt, it should be remembered that consolidating your debt may increase the amount you pay back overall and extend the repayment periods of your debts.
