Unsecured loan trends:
Studies conducted by Halifax bank have led to some amazing results in relation to personal loans. Some of them are cited below.
Debt consolidation is one of the major drives for procuring unsecured loans.
Women are more inclined towards availing unsecured loans for debt consolidation than men.
May is the most popular month for taking an unsecured holiday loan.
September and October record the maximum number of unsecured loans.
Britons spend £15.4 billion a year for maintaining and repairing homes through loans.
Unsecured Loans repayment losses in 2007
The number of Britons availing unsecured loans is increasing and so, is the number of defaults in payments. A leading high street lender has predicted that arrears on unsecured loans will increase in the year 2007 and so will the defaults. At the end of 2006, 5.6% of Alliance and Leicester unsecured loans were in arrears. The Times newspaper recently quoted Antony Broadbent from wealth management firm, Sanford Bernstein who said that the British lending sector is currently at the worst point of its credit cycle, with unsecured loan losses expected to peak soon. These facts can be taken as an indicator of the disposable income and affordability of loan takers in UK.
So, before availing hefty amounts as unsecured loans, one should be sure enough of paying it back. Otherwise, it may adversely affect your credit score and lead to severe conditions like defaults, bankruptcy and CCJs. This may create problems in availing unsecured loans further.
About the Author : The author is a business writer and has written authoritative articles on the finance industry. She is currently assisting online-unsecured-loans as a finance specialist. You can find more information about Unsecured Loans as well as information on everything to do with being loan at our website. Visit us at http://www.online-unsecured-loans.co.uk/
This article is free for republishing
Source: http://www.articlealley.com/article_166125_19.html
Keywords: affordability, antony
, arrears, authoritative articles, britons, broadbent, business writer, credit score, debt consolidation, disposable income, finance industry, holiday loan, home improvements, loan losses, market trends, personal loans, sanford bernstein, unsecured loan, unsecured loans, wealth management firm.
