Secured loans could help get debt under control
13/10/2008Secured loans could help people who are struggling financially pay off other forms of debt and get them back on track with their money.
Research from unbiased.co.uk has shown the amount Brits borrowed rose to £5.9 billion in the second quarter of 2008 - up £757 million on the same period last year.
Meanwhile, the amount people saved dropped by £4 billion compared to 2007.
The study found for every pound individuals put aside for a rainy day in quarter two, they borrowed 15p - up from 12p on the previous year.
Chief executive of unbiased.co.uk David Elms said: "With the credit crunch firmly gripping financial markets, it is now more important than ever for consumers to take control of their finances."
Homeowners who have borrowed money on credit cards may find a secured loan can help them pay off their debt quicker.
This is because secured loans tend to have lower rates of interest than credit cards.
 © Adfero Ltd
<< Back to News page
|