When it comes to budgeting and financial planning, many households avoid the possibilities of taking out a loan.
But the current economic climate has made it even more difficult to keep within planned measures, meaning many households are struggling. In this new year, one of the first resolutions is saving money, or moreover, saving more than last year.
It was recently revealed that 34% of those surveyed by MoneySupermarket.com are worried about their finances. If this is the case, given the economic climate this figure may increase.
On a health concern, as much as fitness is first on the agenda on new year resolutions, certain studies have found finances have been named as the top cause of anxiety. Unfortunately this is not set to improve in this new year.
Statistically, 77% of people are feeling pessimistic about their financial situation in 2013, according to Markit.
Young professionals looking to get their foot on the property ladder for instance, are also facing a pessimistic outlook to their finances in 2013. There has certainly been more of an increase in the young seeking help from their parents in this ailing economy.
Quick loans has been a method many have had to turn to in order to combat the difficult economic situation. They allow customers to become eligible for a loan on a short term basis in the event of having to confront unexpected expenses.
However, quick loans provide many benefits to customers, but what has to be considered is the high interest that some of them carry. Customers should have a plan in place that covers all eventualities, in reference to keeping up with re-payments.
Secured car loans, such as a logbook loan has become a popular method of finance. The loans are secured against your car giving you access to vast amounts of money – up to £100,000 in some cases. They are also 93% cheaper than payday loans.
Even if individuals have bad credit histories or even CCJ’s the criteria set out in these schemes provide customers with access to finances. Important requirements include; owning your car and secondly, it is free of finance.