Debt Consolidation

The continuing problems currently hampering the economy are limiting the financial goals of a large quantity of Britons.

The latest research by Gocompare indicates that about 50 per cent of homeowners stated that the receding housing market and impact of the credit crunch has caused them put a hold on their property plans. According to the price comparison website, the financial strains that they are experiencing have resulted in some 16.6 per cent of Britons abandoning their plans to move house over the forthcoming year. However just under a quarter (24.9 per cent) claim to feel trapped within their properties because of their financial circumstances. These concerns are unusually prevalent for those in Cardiff, where over a third (34.3 per cent) feel that their money situation means they are stuck with their current property. However, four-fifths of Britons state that they are to stay within their house for an average of 3 years.

For those requiring an efficient method with which to supplement their finances, whether it is to help finance moving house or otherwise, applying for a low cost loan might be useful.

Additionally, the research showed that nearly 15 per cent of those that took part in the study have changed their minds about going ahead with their goal of improving their home. Such worries seem to be particularly felt by those living in Norwich and Nottingham as 24.4 and 21.1 per cent of people from the respective cities stated they have put off a home improvement project. On the other hand, just 7.1 per cent of people living in Belfast admitted that they will shelve indefinitely plans to extend their property because of the difficulties being felt in the financial sector.

For people wanting to fund renovations to their home home improvement loans may be useful.

Hayley Parsons, chief executive of Gocompare, claimed that with the credit crunch continuing to be a burden on people it is essential for them to introduce measures to reduce pressures on their expenditure wherever possible. She said: “This research shows just how hard the economic downturn is biting. A huge number of UK homeowners are concerned about their financial situation and so feel trapped in their homes. It’s never been more important to save money wherever you can and shopping around for your home and car insurance could save you hundreds of pounds a year in a matter of minutes.”

Britons looking to finance a renovation project might find that taking advantage of low cost loan is of help as it may help them to buy the materials required and hire qualified professionals to do such work on their house

Meantime, Sainsbury’s recently reported that home insurance should be a vital consideration in terms of providing financial protection, in spie of a study by the firm indicating that more than a third of people without this cover do not view such a policy as being important.

Mark Dawson writes for the Loan Arrangers. Where visitors can compare loans online, and apply for the best rate secured loans available to them.

- Mark Dawson

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