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Credit crunch may encourage Brits to talk about secured loans

Brits are more willing to discuss money matters - such as secured loans - as a result of the current gloomy economic climate, it has been claimed.

Research from CreditExpert suggested the downturn may have broken the taboo of talking about personal finances.

The study found some 53 per cent of UK adults are more open to discussing how they are managing their money than they were a year ago.

It also revealed 28 per cent of people talk about their finances because they feel better knowing others are in the same boat and 27 per cent want to get advice to ensure their credit situation is normal.

Darryl Bowman, director of CreditExpert, said: "It's good to see people reacting positively and talking about their finances with those closest to them as sounding boards."

Meanwhile, people looking to borrow money at the moment may find a secured loan is one of the most competitive options, as lenders are generally prepared to offer low rates of interest because the customer's home is used as security.


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