49% of consumers see reducing debts as main financial goal in 2005, 61% of these intend to budget better and spend less
Alliance & Leicester’s online Debt Buster calculator can show you the savings to be made from consolidating debts New research from Alliance & Leicester Personal Loans* reveals that when it comes to getting their finances into shape in 2005, reducing and paying-off debts is a top priority for half (49%) of people, over and above increasing savings (43%) and earning more money (40%). In order to reduce their debts, more than half (61%) say they will start budgeting in the New Year and also try to spend less, whilst nearly a third (30%) aspire to earn more money or would consider a second job to achieve their goal of reducing their debts. However, one in ten (10%) say that they will consider debt consolidation as a solution to reducing their debts in the New Year. Figures from Alliance & Leicester Personal Loans show that a consumer with total debts of £5,000 could save £1,213.56 in interest payments by consolidating these to a low-rate personal loan such as Alliance & Leicester’s typical rate of 5.9% over three years. Commenting on the findings, Andy Bayes, Head of Personal Loans, Alliance & Leicester, said: “People are beginning to see that by budgeting better, personal debt can be reduced considerably. This doesn’t just mean spending less, but also paying less interest on your debts. Consolidating your existing debts onto one personal loan will not only save money, but offer a disciplined approach to repayment which can help bring down overall monthly expenditure.” The research also highlights the differing attitudes between the sexes when it comes to their financial goals in 2005: - Nearly half of all men (44%) see earning more money as a financial goal, against just 36% of women;
- Yet more women (40%) than men (31%) think that sticking to a budget in their daily life is an important priority;
- Despite these differences, both men (48%) and women (50%) agree that reducing their personal debts – including paying back money owed to family and friends – is also an important goal
For consumers considering applying for a loan or switching provider, Alliance & Leicester's website, www.alliance-leicester.co.uk, provides access to many useful tools to help and guide them with their financial choices. The website has recently been awarded a Gold Award for Best Overall Site in the banking category (Blays Net Ranking Web Site Awards) and was particularly commended for its content and ease of use. The site contains a Loan Calculator which enables consumers to work out how much they can afford to borrow and decide over which period they wish to spread their repayments. The Debt Buster calculator enables customers to enter their current outgoings and calculate the savings they could make by consolidating their debts with an Alliance & Leicester personal loan. Alliance & Leicester personal loan customers can benefit from the following: - A personal loan from as little as £1,000 to as much as £20,000
- A typical APR of 5.9% for telephone and Internet applications for loans of £5,000 - £20,000
- Repayment over one to five years
- Fixed monthly repayments for the period of the loan
- Quick and easy application, online, via the phone or via a branch
- No arrangement
- Optional loan protection for added peace of mind For further information, consumers should visit their local branch, call 0800 068 6611 or visit www.alliance-leicester.co.uk Financial News Feeds provided by OneCompare.com
Date published: 1/4/2005 10:17:55 AM
Financial News Feed Provided by OneCompare.com
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