A secured loan can provide a crucial source of funds for consumers that are continuing to be affected by the slowdown in the UK economy, an industry expert has claimed.
Jamie Elliot, a co-ordinator at Transact, said that as people come off fixed-rate deals and fuel, energy and food prices continue to soar, 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," he said. "But now, money is much more expensive and people are coming off fixed-rates . A large number of people are already very stretched."
He added that a secured loan, which is backed by an asset such as a home, a car or jewellery, can provide financial aid for those suffering from such hardships.
Secured Loans A Vital Source Of Finance For Consumers
Secured Loans A Vital Source Of Finance For Consumers
Mon, 16 Jun 2008
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