Debt Consolidation

In a recent study carried out by the Co-operative Bank Credit Cards, it was shown the typical Briton will spend a little less than 175 pounds on this day of the week. This spending - which ranges from areas such as clothes and food to parking and make-up - accounts for some 9,077 pounds over the course of a year. Consider this over a lifetime spending on this time on this day will add up to more than 549,000 pounds.

And although large numbers of people look forward to having a good time at the weekend, money management difficulties appear to be leaving a lot of with a financial hangover as Monday arrives. Just less than three-quarters (72 per cent) of those surveyed indicated that they spend more cash during The weekend than they had anticipated, with 36 per cent claiming to feel guilty about their expenditure at the start of a new week.

For those shoppers who are requiring an useful way in which to supplement their spending, applying for a cheap loan might be a good course of action.

Research from the financial services firm showed that a large proportion of cash goes toward shopping sprees. Just over 21 pounds goes toward clothes, with 25 pounds and 44 pence splashed out on shoes. Overall, spending on these areas come to 47 pounds.

Furthermore, eating and drinking out results in typical Saturday spending of more than 38 pounds. An average of 11 pounds and 83 pence goes towards electronic goods such as computers and DVD’s, while the cost of travel stands at over ten pounds. Hobbies and sporting accessories accounted for slightly less than nine pounds.

Commenting on the figures, Maxine Xodo, product manager at the credit cards division of the Co-operative Bank, said: ‘It’s incredible to think that Saturday spending could add up to so much. But as a nation we work some of the longest hours in Europe and a large number of people live for the weekend, with Saturday being the one day where people feel they can let their hair down and enjoy themselves. However it is important for people to plan ahead with their spending so it doesn’t come as a bit of a shock when their bills come through the door.’

Those buyers looking to make a significant acquisition or want to supplement their finances, taking out a cheap loan might be a good course of action. By doing this, borrowers may find that they are able to effectively buy an item - whether it is designer brand clothes, a new car or sporting equipment - effectively and are left with an affordable rate of repayments to make each month. Going for these kind of loans could be a good recommendation after a study carried out by IFA Promotion website Unbiased in April 2007 showed that a lot of customers have a “buy now, think later” attitude towards shopping. An estimated 7.5 million people were shown to make short term financial decisions, with three million buying items purely on desirability.

Mark Dawson writes for the the Loan Arrangers where you can compare loans and apply online for cheap home loans, and the best rate secured loans.

- Mark Dawson

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