A significant chunk of us aren`t building up our savings each month and for many of us, it`s down to a lack of spare cash at the end of the month, which is where debt consolidation loans may be one way to help if you are out of alternatives.
The latest Lloyds Bank Savings Index is yet to reflect the upturn in the economy that`s been seen in official figures. Around two-in-five people (38 per cent) don`t have extra money to put into savings, while a quarter (24 per cent) reckon they`ll save less or stop saving altogether over the next year.
It`s not just the number of people putting money away that`s concerning - the amount being added to accounts is worrying too, with the index showing that a third (34 per cent) of people have less than one month`s income in savings to tide them over in case of emergency.
Just 52 per cent of consumers feel as though they have enough stashed away to cover unexpected outgoings, despite 86 per cent agreeing that it`s important. This is where First Choice Finance can help out, as if you cannot save and are struggling month to month due to credit you cannot get on top of you can talk to us about arranging debt consolidation loans, that can reduce monthly outgoings, meaning that there`s more money to go into savings.
There are various ways to do this but all of course involve borrowing again to pay off your current debts, normally over a longer term to bring down your payments. This form of refinancing is not uncommon and can help in the short term. However extending loan terms will often mean more interest being paid over the loan in total, so you need to weigh up the advantages carefully.
To consider getting a debt consolidation loan give us a call on 0800 298 3000 or visit firstchoicefinance.co.uk and we will call you.
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