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Payday Loans News – January Looks Bleak For Brits

by Jim ONeil on January 4, 2011

in Payday Loans News

A money.co.uk survey revealed that January 1 will represent the lowest financial point for many Brits within the year. Christmas spending begins to hit and many have a long time to wait for their January paychecks. Combine this with long-term money concerns and the VAT increase and you have one severe New Year’s Eve hangover.

Thirty-three percent of Brits surveyed reported that they most dread January 1 from a financial standpoint. January 31 came in second, at 25 percent and Christmas day was third, at 22 percent. Money.co.uk reports Brits accumulated £1.9 billion in Christmas debt this year. However, this is the least of the worries for many, as nearly 80 percent are more concerned about savings, debt, and money control.

Reducing debt is the focus of 30 percent of surveyed individuals, with seven percent focusing on paying down mortgage dept. Other concerns are increasing savings and saving for retirement. Earning more money is the goal of 12 percent, while 14 percent want to exercise a greater amount of control over the money they have. All of these represent a back to basics perspective when it comes to financial resolutions.

The housing market appears bleak for 2011. Only four percent of those surveyed listed moving as a 2011 resolution. A mere two percent feel that 2011 is the year they will purchase their first home. This is especially unfortunate in light of the extremely low housing prices and mortgage loan interest rates.

For many Brits, January will be a long month as they wait for payday while faced with Christmas debt and the VAT increase. Despite this, they are resolved to exercise more control over their money in 2011. The long holiday weekend will provide many of them with time to review their finances and determine how to work diligently to meet financial goals throughout the new year.

a bush family member

The budget deficit is the lowest in 5 years. The tax cuts have been stimulating the economy, which has increased tax revenue

thebristolblogger

Government debt is known as 'gilts' for a reason. It's a gilt-edged investment. The chances of a default are very low.

Well over two-thirds of UK government debt is UK owned. The influence of international money markets is being deliberately overblown for ideological reasons.

Why would “the money markets” – eg. UK pension funds, the BofE and banks – withdraw? What they gonna invest in instead? BP?

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