The recession has pushed many Brits to the absolute limit as they struggle to meet bills and debts without credit and without any opportunity for wage increases.

In fact, according to Bright Grey, 39% of people would be in trouble if they had to find just £50 extra each month – this is worrying because just one credit card payment hike or one extra bill may tip those past their limit. Also, as many as 12 million Brits are currently struggling to cope with their monthly bills as it is. If bills were to increase by £50, this could rise to 18.8 million.

The average Brit spends £1,378 each month on essentials – equating to 68% of their average individual income. But more than half the population would find themselves in money trouble if their bills rose by just £100 a month, according to the insurer.

Roger Edwards, proposition director at Bright Grey says: “The report reveals the average Brit is just £155 away from a money meltdown. The frightening truth is that many Brits are already struggling to afford their monthly bills – and all it would take is a small increase in bills or drop in income for people to find themselves in trouble.”

These figures are not a great deal in the grand scheme of things, particularly when you consider how low interest rates are at the moment and how they are expected to rise again. But only just scrapping through the month not leave a lot of leeway if bills were to increase, and it certainly doesn’t give borrowers much chance to begin repaying debt – for many, their situation can only get worse.

That’s why consolidation loans could be so helpful to Brits who just can’t keep up. By using their home’s equity, they can take out a secured loan and pay off all of their debts in one go, leaving them with just one manageable loan at a lower rate. They can then begin to save rather than spend and work towards paying off their debts.

SOURCE: Bright Grey, 24/09/09

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

If you are worried about money and have become depressed, angry and insular this Valentine’s Day might be the perfect time to admit you have a problem and become a bit more open.

Cheshire Building Society is advising couples to talk openly about their finances this Valentine’s and not let money worries damage their relationships.

Relate, the relationship counselling service, recently reported an almost 60% rise in the number of couples seeking counselling in October and November 2008, compared to the same time in 2007. Growing fears of redundancy and financial insecurity have been blamed for the increase.

The best way to solve a problem is to share a problem, and that might be best done with a loved one to begin with. Money worries might seem like they are the end of the world, but they very rarely are and usually have a sensible, manageable solution.

So don’t let financial difficulties ruin your life, get some advice, get talk and begin coming up with some real solutions. A financial adviser will help you by coming up with some options, some financial products and some plans as a way to fix the problem. This might be a remortgage, maybe a secure loan or even a debt management plan.

SOURCE: Cheshire, 13/02/09

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

If you have come into the New Year with debts all over the place your resolution must be to clean up your finances and become debt free.

The year ahead isn’t going to be kind to those with debts – credit card rates will not fall, neither will personal loans. And mortgages will not suddenly become a whole lot cheaper. And refinancing will continue to be as hard as it was in 2008 – the credit ‘merry-go-round’ is over and the only option is to get rid of debt, not amass it.

And what is the best way to get rid of debt as quickly as possible? Consolidation. By taking all your smaller debts – your credit cards, your loans and your store cards – and turning them all into one debt, you save money. You will only have one repayment rate, one bill at the end of the month and one mountain to climb, not five or fifty debt mountains.

The very best source for consolidation is your home’s equity. Using this in the form of a secured loan will allow you to say goodbye to all your debts in a safe way – the money is attached to your home, so the rate is lower and you have security on your side.

So make your resolution to become debt free in 2009. It won’t be a quick fix, and it will take work, but it needs to be done, and it can be done.

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

There are many times in life when you wish you had more money. This can be for a number of reasons, perhaps booking a holiday or buying that pair of shoes you have seen in the shop window. In many cases people turn to their credit cards to help them purchase the goods they can not currently afford. However, sometimes you may need to get hold of a lump sum of money. If you own a property then a fast homeowner loan could be the right option for you. Read on below to find more about how to get a fast homeowner loan.

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Everything these days is going online, shopping, dating and even finances are all sold and managed on the net. But how safe is online finance? A lot has been said of going online, how Internet business is revolutionising the financial marketplaces of the world and its true, an online loan can be a great way of saving money, being online means the lender and the adviser saves money on offices, paperwork and employees. But is an online loan simply a way to get a cheap deal, or does this faceless medium mean a quick stop for hackers and fraudsters looking to rip you off? There are always stories of people losing money after going online so is an online loan really safe?

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A homeowner loan, with the right advice, can be a simple and easy way to unlock equity in your property. If you either own your own home outright or you have a mortgage then you could be eligible for a homeowner loan, because they are loans primarily secured on your property rather than your financial situation. So why choose a homeowner loan? Because they are secured on your home, this means they could be the answer to those who are self employed, in a new job or for those looking to improve their financial situation. In fact any homeowner could benefit from a homeowner loan.

Read more about the Homeowner Loan

Very few people in the UK have a perfect credit history, and if you are one of these people then you may have had problems borrowing money recently. But don’t despair, if you have a bad credit history and you need to borrow cash fast, then you may want to consider a poor credit loan. A poor credit loan can allow you to borrow money from your home when you most need it, from debts like store or credit cards to other expenses such as moving home or starting up a business. A poor credit loan can also offer those who have had credit problems monthly peace of mind by bringing debts together into one manageable sum and help to manage soaring outgoings.

Find out more about the Poor Credit Loan

A home loan could help somebody who is already a homeowner – even if they are still paying off their mortgage – who needs to borrow some extra cash. If you are already on the property ladder, and want to free up some additional funds but don’t want to remortgage your house, then a home loan could be right for you. Also known as a secured loan, or a second charge loan, because it is the second debt to be registered on your property after your mortgage, a home loan is becomingly an increasingly common tool to help homeowners manage their finances.

Learn more about the Home Loan

If you need a secured loan it is a good idea to compare secured loan deals from banks, building societies and specialist lenders to make sure you are getting the best deal possible. A broker can help you compare secured loan deals from different providers. You will need to take into account the total amount repayable (TAR), the APR, the cost of payment protection insurance, early repayment penalties and the time it will take to process your application. Spending a few minutes to compare secured loan deals could save you a lot of money as by finding the best secured loan you will pay less interest over its term.

Find out more about how to Compare Secured Loan Deals

If you are considering a home equity loan products then this article is a must read before you go any further. It sets out five essential facts that anyone considering this type of product should know before signing on the dotted line. From the pros to the cons, this article takes an in-depth look at this popular yet often misunderstood product. It also explains how to find the best deals out there and what to consider before making an application.

Read more about the Home Equity Loan