Thursday, October 22, 2009
Category:
Secured Loans
According to a survey by Chelsea Building Society, 81 percent of those with savings up to £5,000 do not manage their money on a daily basis or keep an eye on savings rates.
Furthermore, 38 percent of savers with a pot in excess of £50,000 were reported to have said that ‘this is not an important day to day task’. Findings also revealed that 9 percent would deal with this particular task last.
The research established that 66 percent of respondents feel that ‘simple, transparent products’ are the most significant factors when it comes to financial security. With regard to deciding upon where to save, 61 percent cited ‘easy access to savings’ as being important after taking into account the organisation and the competitiveness of rates. ‘Reputation for good quality personal service’ was next in line at 56 percent. Highlighting the importance of accessibility, the research uncovered that 41 percent of respondents prefer high street establishments.
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Homeowners, who find they are unable to save, due to other commitments, could consider taking out a
secured loan to re-organise any outstanding debts. One of many financial options available, a secured loan for debt consolidation could allow the borrower to tie up existing personal loans, credit cards or store cards so that they’re all in one place. By taking this approach, multiple monthly repayments could be reduced to just one – and this single repayment could even be lower than current outgoings. 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.
