Consumers ‘Need To Take Steps To Avoid Spiral Of Debt’
Keywords: britons, need, take, setps, safeguard, financial, future, savings, debts, consolidate, expensive, credit, loans
Britons need to get into the habit of safeguarding their financial future, one industry expert has suggested.
According to Colin Jackson, director of Baronworth, discipline is required on the part of consumers if they are to avoid incurring pressure on their finances when they are older and to save money effectively for spending in later life.
Mr Jackson advised people to think about what they want to achieve when saving - whether it is putting funds away for retirement or financing a holiday - and so to choose the product which is right for them. However, should the current difficulties of the public struggling to save, whether on a long or short-term basis, persist, he suggested that “over time it will lead to major problems”.
Yet, in taking such time to consider their finances, many may not only find that they are in a more advantageous position in which to invest cash into savings accounts but also become more able to make payments on areas such as loans and credit cards with greater ease.
He said: “The first thing is to get into the discipline of saving. If you decide that you really must save every month it’s no good saying that you’ll put 10 pounds in a building society account every month, set up some sort of saving scheme where it’s paid by direct debit. Once you’re into the discipline it becomes part of your general overheads and as far as the money in the bank goes you just pay your savings in each month.”
Mr Jackson added that despite the recent credit crunch impacting upon the availability of cheap loans and other competitively-priced lending options, he is sure that “people will continue to borrow”. However, he stated consumers using their credit cards to make mortgage payments could find themselves getting into a “spiral” of financial difficulties.
The director reported that as a “lot of people” use such a type of borrowing to meet such demands on their spending, they will often continue to use plastic cards to make up for shortfalls in their income at the end of each month.
In turn, he advised that those doing this “are in the most awful situation” in terms of attempting to get to grips with spending. Consequently, those looking to get out the money management difficulties induced by using several credit cards at once may wish to consider applying for a debt consolidation loan.
Alternatively, many people may find that taking out a personal loan is a more cost-effective option than using credit cards at all in terms of handling spending pressures as the former often carries more competitive rates of interest.
Whether looking to pay off numerous plastic cards at once or free up disposable income to invest into savings and pension schemes, the taking out of a debt consolidation loan could be advisable. And the help with finance that such a loan provides may be of particular help to a rising number of Britons.
A recent consumer confidence survey by GfK NOP revealed that the country’s general economic wellbeing stood at -10 in November - the lowest figure noted since March 2003. Thus such a loan may be of use to those aiming at reducing pressure on their spending.
Abbi Rouse writes for All About Loans where visitors can apply for personal secured loans and also focuses on loans in the UK , and fast secured loans for UK Homeowners. Visit today www.allaboutloans.co.uk
Previous Articles Highlighter:
How To Spot Fraudulent Practices In Jewelry (1)
If its too good to be true, it probably is. Maybe this jeweler has no experience. Then again, give him the benefit of the doubt. Maybe he is just honest.
Food Costs 'Put Financial Pressures On Households' (2)
Such a low cost loan could allow consumers to pay off numerous demands on their finances and so be left with more disposable income. In addition, shopping around for everyday items may also help many to reduce spending problems.
Spray Foam Insulation Offers Versatility And Efficiency (3)
It is one of the greenest products available, and offers energy efficiency and improved indoor air quality. It's easy to install, and can even increase the value of your home or office.
How To Determine The Price Value Of Color In Gemstones (4)
Keywords: antique engagement rings, engagement rings, rings, wedding rings, diamond rings, engagement ring, we When purchasing any type of gemstone it is important to understand how the price valuation is determined by the color.
Ecommerce Storefront - Comparing The Products (5)
When you're ready to consider one of the many products available, be sure to ask questions and determine how each package can meet your online store's needs. You'll soon be up and running.
Finding The Right Agriculture Loan For You (6)
Keywords: Farm Loans, Agricultural Loans, Agriculture Loans, Ranch Loans It really doesn't matter whether your agricultural activity is carried on a large scale or a small scale. There will always be a need for getting better tools and implements for your farming activities for better productivity so that you earn more profit.
All You Need To Know About Farm Operating Loans(Direct And Guaranteed) (7)
People who have not been able to qualify for guaranteed loans can qualify for a direct loan. Other than servicing and making the direct loans, the FSA officials also provide credit counseling and supervision to borrowers.
Commercial Fraud - Manage The Symptoms And Avoid Catching A Cold (8)
And if you get a big payment from a company you don't recognise, think twice about banking it, as the signatories may well be using it to get a legal cheque reissued by you to wash out or cover up their fraudulent invoicing.
Best Free Debt Consolidation (9)
You can also verify whether the information that you are getting is true or not. A company that is associated with a national regulatory body is the best bet as that would be openly monitored and any frauds would be highly unlikely.
Using Microsoft PowerPoint As A Tool For Teaching (10)
Successful presentations can be shared with colleagues and saved for future use. Exchanging ideas with colleagues can be useful and even provide you with a new perspective on how to teach a new topic.
Newer Articles Highlighter:
Credit Cards And Your Life (1)
Travel has been made much easier through the development of the credit card as a part of modern life. It doesn't matter if you're going to Melbourne or London.
Searching For The Right IT Support In London (2)
Keywords: IT Support London, IT services, Installation Support When I used to work in the heart of Central London, some of the biggest companies were surprisingly behind on all of the IT software packages needed to keep a business running efficiently.
Here Is A Hot Internet Home Business Idea Anyone Can Do (3)
All you do is provide the content. 4. Many business owners start with a website that an employee builds for them. When that employee leaves or is fired their website sits dormant because no one knows what to do with it.
Displaying Your Character Through Home Decoration (4)
There are many different home decoration television shows, books, and magazines that make home decorating look rather easy to achieve. However, once an individual attempts to decorate their home, they may face the challenge of deciding exactly what decorating style to use, how to bring out their personality in the process, and what designs are particularly attractive.
The Importance In Using An Objective On Your Resume (5)
They are not. A hiring company does not have the time or resources to make individual calls. Yes, there are exceptions to the rule. If your resume was the best one from the bunch and they were desperate, they might call you.
Can You Save Money With A Personal Loan? (6)
Next thing you want to compare is the interest rate. Get quotes from several loan companies and keep track of who quoted what rate. Keep in mind that when you close the deal, the interest could change, but the quote gives you a good basis.
Why Use SEO Search Engine Optimization ? (7)
Also, not only do you need to have good content on your site, you also need to have fresh content also. If you add new content to your site on a regular basis, you are giving your visitors more reasons for returning to it.
Accessing The Latest Cycling News (8)
Cyclists get inspired to train harder when they see videos of cycling events that are dedicated to a cause like cancer. They feel that they can pedal harder and faster knowing that someone will benefit from their efforts.
Choosing A Business Account (9)
Keywords: Small Business, Business, Banking, Account Starting a small business can be an extremely daunting task; there are so any factors to consider that it can often be a question of where to start?
Buying The Best Available Auto Insurance (10)
These can only be reduced once the certainty of the accidents is reduced. The companies quote their prices for insuring depends of various factors like the age of person to whom the vehicle belongs, the location where the car is bought and supposed to be used in the area and also many other factors.
Permalink to Consumers ‘Need To Take Steps To Avoid Spiral Of Debt’