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from: Britons Are 'Open' To The Ideals Of Loans
Mark Dawson
The concept of borrowing has become much more acceptable in
recent years, one industry expert has declared.
James Ketchell, a spokesperson from the Consumer Credit
Counselling Service (CCCS), stated the idea of being in debt is
ever more tolerable among Britons as a result of more people
borrowing money during their time at university. He reported
that it is "practically impossible" to graduate from higher
education without being in some sort of debt. However, this in
turn, he claimed, has allowed more people to consider taking out
secured loans and other forms of borrowing in later life.
The CCCS representative added: "Once people are used to the idea
of debt then it's easier for them in the future, to take up
credit cards and personal loans, because the stigma has already
been removed by taking out student loans during university."
Additionally, he reported that there is a larger need for
guidance in relation to budgeting, loans and other areas to do
with borrowing. "There is a move towards more financial
education for people because it's not always obvious to people
how to use credit and whether they are able to afford it," Mr
Ketchell stated.
The CCCS spokesperson also asserted that people need to use "a
bit more common sense in their financial dealings". He pointed
to surging mortgage costs, rising prices of goods and a slowing
in wage growth as all being potential reasons for why consumers
may see pressure on their day-to-day spending increasing over
coming months. As a result of such constraints on their monetary
situation, more Britons may find their attempts at paying home
loans and other forms of credit is impinged upon.
Mr Ketchell added that creating and sticking to a budget was the
most important way in which people will be able to get to grips
with handling their finances. In doing so, he suggested that
consumers will be able to have much more control over their
outgoings and will be able to identify how much money they are
able to afford towards making loan repayments or if they will be
able to successfully manage to apply for a loan in the future.
Although the CCCS representative pointed to those in the
financial industry who believe that people spend money they have
got on credit "irresponsibly", he suggested that this was not
the case on the whole as most use loans and other forms of
borrowing wisely. Mr Ketchell declared that "the majority of
people are using credit for what they see as vital things". In
addition, he noted that there has been a fall in the proportion
of young people (those under the age of 25) looking for help
with their finances.
However, earlier this month it was asserted that consumers could
be set for an increase in financial difficulties as they get
older. Earlier this year, research carried out by Norwich Union
showed that 47 per cent of Britons believe they will need at
least £25,000 to live off every year upon retirement. However,
this figure is some 14 times above the average annuity taken
out. Scott Brown, head of annuities marketing, reported that
many people "just seem to switch off" when it comes to thinking
about their financial future. Those worried that they currently
do not have enough spare income to start putting cash aside for
retirement may wish to consider taking out a low-rate loan as a
means of servicing debts quickly.
About the author:
Mark Dawson writes for Loan-Arrangers .co.uk where visitors can
compare
cheap loans online. Then apply for the
secured loans and
credit loans available.
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