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Brits could stick to new year's resolutions with secured loans

Secured loans could help Brits keep their new year's resolutions in 2009.

Research by the Association of British Insurers (ABI) has shown 47 per cent of adults are keen to start saving regularly during the next 12 months.

However, for people with debts it may be necessary to pay what they owe before they can start putting money aside for a rainy day.

Secured loans can allow individuals to pay off debts more quickly, as they generally have lower rates of interest than some other forms of borrowing.

Lenders are often prepared to offer competitive deals on these types of loans as the borrower's home in used as security.

Once an individual has paid off their debts, they may find it easier to start putting money aside.

Commenting on the findings of ABI's research, director general Stephen Haddrill said: "Many people in Britain want to save more for the future."

He added: "It's good news that even in this difficult economic climate, public attitudes are shifting towards saving."


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