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Loans -
Secured loans provide a vital source of finance for consumers - 09/06/2008
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More and more people are finding that, their finances are no longer adding up, with more going out, than coming in, according to Transact.
However the company, advises that a secured loan can provide a vital source of funds, to help in such difficult financial times. The UK based firm said consumers have been lulled into a false sense of security.
Jamie Elliot, a co-ordinator at Transact, stated that as people come off fixed-rate deals and fuel, energy and food prices continue to rise, an increasing number of people are having difficulty with their finances.
He said: "People have been proactively encouraged to take out a huge level of debt at a time when credit was relatively cheap. But now, money is much more expensive and people are coming off fixed-rates."
He added: “A large number of people are already very stretched.”
A secured loan, provides a sum of money to a borrower, however the loan is backed by an asset such as a home, a car or jewellery.
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