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Consumers are finding it increasingly difficult to afford what they want to spend, according to new figures, suggesting many may benefit from a homeowner loan.
The research from Legal & General shows a steady fall in Brits' ability to spend, no doubt pushed on by inflation making everyday items more expensive and rising interest rates increasing the cost of repaying the mortgage and other debts.
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The survey also found a drop in the number of households with money left over after paying all their bills – down from 61 per cent a year ago to 57 per cent now.
"That would suggest more households are finding themselves in a position where they are struggling to make ends meet compared to a year ago when rates were down at 4.5 per cent," said Julia Clayworth from Legal & General.
"These findings reinforce the consensus view that the Bank of England should take its time before raising rates again to measure the full impact of the latest rise," she added.
Source:
http://www.netloans.co.uk/articles/Secured-loans-help-relieve-
interest-rate-pressure-424.aspx
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