New research carried out for the Bank of England’s Q4 2008 quarterly bulletin has found that households in the UK have experienced a reduction in disposable income after meeting household bills.

The report also found that many households were finding their debt to be a burden, and were finding increasingly harder to find a way to manage that responsibility.

Simon Lamble, product director at Confused.com, says: “The pressure on household income has been increasing steadily over the past couple of years, and therefore it’s more important than ever for people to realise that there is a simple way to relieve some of that pressure, by exploring ways of reducing their fixed household costs.”

One such way to relieve pressure is to consolidate your debts by using a secured loan. Taking a lump sum from your property and using it to turn all your debts into one manageable payment can almost certainly lower your monthly outgoings and free up your budget.

If you think you need something to unlock your financial problems, talk to an adviser about taking out some of your home’s equity as a secured loan. It’s quick, it’s simple and it can give you a little more space to think and breathe in 2009.

To keep up with the latest news and comments on current financial affairs please visit the Secured Loan Blog.

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