Consumers ‘Looking To Loved Ones For Financial Help’
Topics: family, debts, on, the, increase, cheap, loans, uk, finance, credit, loan, debt, consolidation
Britons are increasingly looking to their families for financial support, a new study shows.
In research released by Skipton Building Society, consumers owe a total of more than 251 billion pounds to their relatives through money that has been loaned to them. This figure also represents a rise of 82 per cent from the 14 billion pounds people had lent to their family members from the same survey conducted ten years ago. Individually, borrowers owe an average of 1,928 pounds 15 pence to family members - an increase from the 1,510 pounds 17 pence recorded in 1997. During the past decade more than half (51 per cent) of Britons have issued a hand-out to a member of their family. Just over one in ten have lent more than 5,000 pounds, while four per cent have given out over 10,000 pounds.
Overall, parents are shown to be likely to issue a loan to their children, as 47 per cent of mums and dads over the past decade have given their offspring a financial handout. This compares to the 12 per cent of grown-up children who provided their parents with monetary assistance during the last ten years. Just under a third of those lending to their parents have helped them to pay bills, while eight per cent have assisted with the carrying out of household repairs. Meanwhile, some seven per cent have used loans to purchase a car.
Commenting on the research, Jennifer Holloway, head of media relations for Skipton Building Society, said: “It’s well known that many homebuyers rely on the bank of mum and dad for help purchasing a property, but it seems getting loans from the ‘financial family’ is extending to other areas, such as for paying bills.”
Ms Holloway asserted that such moves are “perfectly understandable” as a result of constant increases in the cost of living. However, she added that by saving regularly consumers may find that they will be less reliant for financial aid from their families which in turn could well see them reach a more favourable position to make repayments on secured loans and other demands on their spending.
However, the study also revealed some animosity between families when it comes to borrowing money. Some nine per cent of those who has lent to relatives state that they felt pressured into approving a loan, while seven per cent report that the family member they lent to have not made any attempt to repay that which is owed. The building society also pointed out that 17 per cent of respondents have fallen out with a relative over issues about loans.
For those struggling to meet various constraints on their spending such as utility bills and mortgages - as well as wanting to avoid developing problems with their relatives by borrowing money from them - the taking out of a debt consolidation loan could well be an advisable idea. By applying for such a low-rate loan consumers could find that they have more disposable income as a result of merging demands on their finances into one low-rate monthly repayment. Such a loan could be particularly advisable for men as earlier this year, research conducted by Chiltern showed that those males entering an informal debt management plan owe 29,914 pounds compared to the 23,946 pounds women are in the red by.
Mark Dawson writes for the Loan Arrangers. Where visitors can compare loans online, and apply for the best rate secured loans and debt consolidation loans available to them. Visit today www.loan-arrangers.co.uk
Previous Articles Highlighter:
Discovering Your Dream Apartment (1)
Do they seem approachable? This is important because this is the individual that you will be compensating. It is best to ensure that they are friendly and professional.
What Your Real Estate Agent Knows That You Don't (2)
Similarly, since people come to real estate agents when searching for homes, you are able to tap into a much larger market of interested buyers when you get the help of a real estate agent.
14 Ways To Avoid Becoming A Victim Of Credit Card Fraud (3)
If you should move, be sure to update your mailing address with your credit card companies and banks, and have your mail forwarded to your new address. 14. Keep a list of all your credit cards, including your account numbers, PINs, expiration dates, and the phone number for each card.
How Invoice Finance Can Help Fund Your Business (4)
Topics: Invoice Finance, Factoring, Finance solutions, Finance advice, raisng capital Invoice Finance remains a mystery to many businesses in the UK. Unfortunately, although the benefits of this solution are slowly becoming increasingly well known, Invoice Finance is still a largely undiscovered gem amongst the possible funding options available to SMEs.
Understanding The Two Different Types Of Forex Brokers (5)
The goal of the forex market maker is to provide liquidity to potential traders, and the way that they do this is to take the opposite position on every trade that you make.
What You Should Know About The Option ARM Mortgage (6)
Now we move the other important feature: the margin. The margin is like the profit that the lender makes over and above the index that is being used. For instance, the ARM mortgage may stipulate that there would be a 3% margin.
A Guide To Desiphering Forex Quotes (7)
Historically, they are the most heavily regulated, and as a result, the most stable currencies in the world. This stability makes them safer investments than some other currencies. The feeling of security by investors results in the much higher trade volumes.
Mortgage Refinancing Scams - Dangerous Waters (8)
In most cases we are talking about the declared income or "Stated Income". Another highly popular mortgage refinancing scam is linked to the balloon payment. These Loans are used when dealing with individuals that are in need of amounts of money to pay a mortgage the individual is no longer able to pay.
A Simple Online Forex Trading Guide (9)
You may start tinkering around with these demonstrations before trying your hand on the real thing. These online demos are a good way to learn about the functions of the platform, gain confidence, and become familiar with how the market operates.
Want To Get A Mortgage? You Need To Improve Your Credit (10)
Topics: personal loans, federal student loans, college loans In today's society, there exists several various methods that will enable you to remain financially stable, but there are also several various methods that will cause people to fall and eventually become monetarily destroyed if they are not careful.
What's The Better Choice - Take A Bigger Loan Or Make A Bigger Down Payment? (11)
Every financial scenario is a little bit different and must be looked at on a one on one basis. Many financial professionals strongly believe that is it much more effective to pay a large down payment at the beginning of the loan contract.
Is There Any Way To Improve Your Credit Without Actually Paying Off Your Judgments? (12)
When a company takes these types of drastic measures, they have a huge negative impact on a person's credit score. When several of your belongings are taken by the business to assist in paying off the loan that was obtained, money officials place a credit judgment on your credit history and deducts many points from your credit score.
If I Don't Pay My Doctor Bills, Will It Hurt My Credit Score? (13)
They make many major purchases with the cards and then pay them off quickly without having to receive any warnings from the credit card companies. This type of behavior shows lenders that you are thrifty and financially stable enough to take care of borrowed money and they will ultimately increase your approved credit limit.
Advice On Getting Your Student Loan Interest Rate Reduced (14)
Many of these people consider the option of consolidating their loans into one, or in other words, combining all of them into one monthly payment. This is a financial option that has both positive and negative aspects and which must be carefully reviewed before applying for it.
Don't Make These Common Auto Loan Mistakes (15)
Being confidant in your prices and setting a budget are some of the keys ways that you can avoid the common mistakes of auto loans. Court helps people to learn how to consolidate private student loans.
Is It Wiser To Open A Home Equity Line Of Credit Or Get A Second Mortgage? (16)
The definition of what a second mortgage means is pretty self explanatory. It is basically another mortgage that is applied for a second time by home owners that already have acquired a first mortgage on their home.
How Do You Know When You're Dealing With A Good Mortgage Lender? (17)
This is when the need for an effective mortgage lender comes into play. Mortgage lenders can really help organize and regulate a person's home loan and also provide security for his or her financial future.
5 Great Reasons To Buy A Polaris World Property (18)
4. LEISURE LIFE You can live the leisure life you have always wanted, especially after a year's hard work. At Polaris World, you can just sit back and relax; whether you want to play a round of golf, enjoy a spa, have a nice meal or just enjoy some time in the sun, you can do all of these and more.
How Do Borrowers With Bad Credit Get Car Loans? (19)
Building up credit can go as fast as you use a credit card. Court helps people to learn about how to find low interest credit card offers. You can read more of his work by visiting: whalehookloans.com.
Can You Improve Your Credit Score By Paying Off Debts In Collections? (20)
When companies see that you eventually did pay off your debts, then they will be more willing to offer you loans again if you apply for them. A business who gives money to their customers would really like to give out finances to a customer who had money troubles and then fixed them, than a person who had financial problems and never did anything to be redeemed.
Newer Articles Highlighter:
What Is Home Owners Insurance? (1)
This article will examine some of the issues concerning home owner's insurance and perhaps answer some questions you may have on the subject. When it comes to asset protection, how much insurance do you really need?
Tax Information And Help (2)
The VITA Program also has a very strong military presence. The Armed Forces Tax Council (AFTC) is comprised of program coordinators for all branches of the U.S. Military.
Consumers 'Denying Responsibility For Debt' (3)
Tom Dawson writes for Essentially Home Loans. Our visitors can apply for secured home loans online, for whatever reason with whatever credit history. Visit us today for the best rate loans available.
Specialized Business Loan And Commercial Mortgage Situations (4)
Commercial Lender Options for Funeral Home Loans and Golf Course Loans As mentioned earlier, the supply of acceptable business lenders for this kind of business financing has been reduced. An agreeable commercial mortgage for a golf course loan or a funeral home loan will depend upon a wise lender choice.
Redecoration 'Taking A Back Seat' For New Buyers (5)
Mr Holliday-Williams argues that the effect of increasingly standardised building techniques has a twofold impact on homeowners: "Firstly, finding a unique property is more costly and difficult and secondly it often means that the new owners will have to spend more time and money personalising their homes to their own tastes." However, while decorating a home to their own requirements may be a time-consuming challenge, it does not need to be unduly expensive, with cheap secured loans providing simple help with money to get firmly established.
Borrowers 'Misleading Financial Institutions' (6)
According to one firm of solicitors, many consumers are under-representing the amount that they currently owe to gain access to further credit such as extended overdrafts. Roger Miller, a senior partner at Curtis Solicitors, has told the Herald that borrowers unable to service loans made by banks often have up to ten other loans and credit card debts which they have not divulged to the lender.
Big Spenders Cutting Back As Debt Levels Hit Home (7)
Statistics released last month by Citizens Advice revealed a rise in the number of Britons seeking help from the advisory service over the last year, with a 20 per cent increase noted.
12 Quick Tips On Selling Your House (8)
A home that sits on the market too long is unappealing. This makes people afraid to buy it. 2 - The front of the house is where the first impression starts.
How To Get The Best International Travel Medical Insurance And Save Money Too (9)
In case any emergency medical treatment is needed, have all the expenses listed in itemized bills to make a claim in the US when you get home. Most international insurance companies cost much less than American companies, because their overhead is lower.
Which Is Smarter - Buying Or Leasing A Car? (10)
The rate of depreciation is also a thing to consider when deciding between a lease and a loan. Court helps people to learn about student loans. You can read more of his work by visiting: whalehookloans.com.
School Grants (11)
In the end it will be worth it, when you've secured the school grant and have one less thing to worry about when it comes time to hit the books.
The Protective Put Strategy (12)
Those are not good odds. So, you should try to stay away from employing this strategy over a long period of time to avoid having the odds fall against you.
Buy Shares Of The Giant Companies With Ease (13)
Sean Rasmussen is a stock market investor, internet marketer, property collector and success communicator. He enjoys helping others learn these skills and makes many of these resources readily available.
How To Achieve Success By Investing Your Money Better (14)
It is a general rule of thumb to buy stocks low then sell them high. For most people who buy and trade stocks, this is an elementary principle. Instead of letting your investment habits be ruled by time, another approach is to let a stock sit on the market and grow.
Credit Revolution, The No Annual Fee Credit Card (15)
The legal talk often contains the vital aspects about your credit agreement, including any additional fees you may otherwise not be aware of. Institutions also update these agreements now and then and mail the updated agreement with your bill.
Quarter Of Teenagers 'Would Fund Big Purchase With Loan' (16)
Following the publication of the Leitch report earlier this year, skills have been placed firmly on the agenda." Despite this, Mr Bernau has said that many teenagers will miss the opportunity of financial education in school and will therefore face a "complicated and perhaps daunting" situation when it comes to dealing with their own finances, which could include credit such as a personal loan.
Best Real Estate Financing And Home Mortgage Tips You Can Use Now (17)
Make sure you know what you can afford to spend each month on a house payment when you start searching for the best real estate financing. For info on bad credit real estate financing or finding the best home mortgage, loan or lender go to www.Real-Estate-Financing-Tips.com for mortgage tips, trade secrets, help, quotes and resources including refinancing and creative financing
The Power Of Following A Forex Trading Strategy (18)
Remember that what you want to focus on while you are doings your trading is not how much money you are making, but HOW MANY PIPS you are capturing into your account.
Acquiring An Adverse Credit Mortgage (19)
You will usually want to put at least a 50 percent down payment on the loan in the beginning. If this means that you will have to wait a little longer than anticipated before you can purchase your home, then wait.
The Business Of Loaning Money (20)
Once vacated, the lender is considered the legal owner of the property and has all legal recourse to collect the balance due on the loan as well as any costs incurred during the process.
Permalink to Consumers ‘Looking To Loved Ones For Financial Help’