Brits Low On Savings, High On Loans Article

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Brits low on savings, high on loans

The market for personal loans is expanding in the UK. People are saving less for the rainy days and relying more on loans and other short term credit arrangements.

Author: Amenda Dorothy

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Personal debts in the UK are increasing at a brisk rate. Latest reports say that the total UK personal debt at the end of June 2007 was £1,345bn. The situation becomes threatening when this fact is read with the reports that indicate a fall in the savings. In a three-month period involving May, June and July 2007, the amount of savings was £910. The corresponding savings during the same period in the year 2006 was £1,376. Obviously, the amount of savings has registered a sharp fall.

Statistics apart, Brits are also demonstrating the obvious trend. A study shows that millions of Brits are spending much beyond their means in order to emulate the lifestyles of their celebrities. Brits are doing what their celebrities do – spending on expensive clothing, staying in hotels and eating in expensive restaurants. This attitude is resulting in a conspicuous absence of savings funds for consumers across the nation.

Since personal loans are easily and widely available in the UK financial market, millions of Brits rely on these short term credit arrangements. You can get up to £25,000 without pledging your home to the lender. Personal loans have very wide applications. You can use these loans for debt consolidation, home improvement, car purchase, education, cosmetic surgery, etc. The loan processing also takes less time in the absence of collateral and other formalities.

You can apply for personal loans on the Internet. With ever increasing competition in the lending market, you can expect a good loan deal. Your credit score, monthly income and repayment capability are the main factors that lenders would consider. Some lenders offer special loan offers from time to time. You can get a loan at low interest rates during such offers. The best way to find a cheap loan deal is to apply with several lenders, ask for loan quotes, compare those quotes and then decide a particular loan offer.

About Author

The author is a business writer specializing in finance and credit products and has written authoritative articles on the finance industry. He has done his masters in Business Administration and is currently assisting Ask4loan as a finance specialist. For more information related to personal loans please visit: http://www.ask4loan.co.uk

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Brits low on savings, high on loans