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Borrowing Levels 'Are High'
Britons are borrowing an increasing amount of money, new research shows.
In the latest Savings Brake study carried out by Unbiased, lending through the likes of credit cards, loans and overdrafts accounted for some 11.7 billion pounds between July and September, a figure about double of that recorded during the preceding quarter. Meanwhile, findings from the firm also indicated that savings decreased by more than 11 billion pounds over the course of the third quarter of 2007. Overall, for every pound the typical Briton saved during the third quarter of the year, some 35 pence was borrowed. According to the company this represents a “significant increase” from the 13 pence per pound borrowed during the previous three-month period.
According to the company, the recent climate of high interest rates has seen many Britons dip into their savings accounts or take out a loan in an attempt to help cope with various financial constraints over the summer, including holidays. In addition, the credit crunch and its subsequent impact on the availability of cheap UK loans was also reported to have had an impact on consumers’ capacity to handle their money.
Commenting on the figures, David Elms, chief executive of Unbiased, said: “We have seen a lot of activity in the financial markets in the third quarter of 2007, which marked the beginning of the Northern Rock crisis. Interest rates over the summer were still at a high level of 5.75 per cent and many people will have felt the impact of the credit crunch starting to bite their disposable income.
“While the high level of borrowing and a drop in savings for this quarter may come as no surprise, it is a worrying development. And with the cost of Christmas about to hit the nation’s pockets over the next couple of months it is unlikely that we will see a significant improvement in the Savings Brake ratio.”
As a result, Mr Elms advised it is crucial that consumers take the time to take steps to take control of their financial situation. And that their level of savings and borrowing, whether this is through loans, plastic cards or other means, remains at “a healthy level”.
For those concerned about either their ability to save adequately for later life or about the level of money owed in personal loans, overdrafts, store cards and other forms of borrowing, taking out a loan for debt consolidation purposes may prove to be useful. And applying for such a loan may be useful for a rising number of people. A recent study carried out by Alliance & Leicester showed that following the series of interest rate increases since August 2006, households are feeling “less comfortable” in managing various areas of their finances, as the subsequent rise in mortgage costs impinges upon their ability to pay back loans and other monetary demands.
The study also indicated consumers put just 2.1 per cent of their salary into a savings scheme during the first quarter of this year, a record low. Although this proportion increased to 3.1 per cent between April and June, the financial services firm stated that is still below the decade-average of six per cent. As a result, applying for a cheap consolidation loan could help consumers drastically reduce their borrowing and free up more money to invest into savings accounts.
Fast Loans: Quick cash for several unexpected urgencies
Are you exaggerated with uninvited cash troubles? Dont rely on your payday as it is not sufficient to cope up with present need? Then, without much thinking consider fast loans and get your funds within least span of time directly in your bank account. Its online application facility is simple, fast, efficient and time-saving. Plus, for the borrowers convenience the lenders follow less documentation and faxing procedure.
Fast loans can be applied and approved within the same day of applying as the whole procedure can be completed online. A lender may only ask you to fill a simple online form with basic details regarding with employment, personal and checking account. Once the form gets verified by the lender the cash will quickly deposit the borrowers given bank account. The process hardly consumes least span of time to get approved so borrower can meet with their ends without any delay.
In order to attain fast cash approval with these loans you need to fulfill some eligibility criteria that can be as follows:
& 61656; You must be a citizen of UK
& 61656; The applicant should hold an active bank account
& 61656; You must have the age of 18 years or above
& 61656; The applicant must be currently employed in a firm
& 61656; The monthly income must be £1000.
Fast payout loans will give you the opportunity to attain the cash in the ranges from £100 to £1500 as per their need and financial standings. The repayment term of this loan can be small and varies from 14 to 31 days. If you need few more days to repay the funds then pay some nominal charges and extend the term as per your need.
Further, the borrower can access the desired funds even if they are tagged with bad credit records such as CCJs, IVA, foreclosure, arrears, defaults, bankruptcy etc. as it is free from credit check process. Plus, absence of collateral placement speeds up the loan approval process with ease.
Moreover, there is no restriction over the usage of funds. You can use it as per your requirements with ease. But, to enjoy the lucrative deal you must held proper research work and comparison then only you can get an affordable loan deal for you.