Are you struggling to get in control of your finances? You're not alone, but happily, it seems that a lot of consumers are taking action, and they're using innovative methods to do so.
According to research from Quidco, the number of customers seeking cashback deals in January noticeably spiked, particularly when it came to financial services. The figures show that, in the second week of January, the number of people applying for a personal loan through the cashback site rose by 233% year-on-year, while credit check providers saw a 36% annual uplift in transactions for that week.
During the same period, the increased number of consumers looking for a balance transfer or new credit card deal lead to an uplift of a whopping 410%. This not only shows that consumers are becoming increasingly aware of the possibility of getting cashback on everyday purchases, but also that they're committed to getting in control of their finances, be it through consolidating their debts with a personal loan, seeking a new credit card or keeping tabs on their credit status.
It's particularly encouraging that the surge was witnessed at the start of the year, suggesting that consumers are looking to improve their finances for the year ahead. The fact that consumers get additional cashback on these transactions only adds to the benefits, and means they can put that extra cash to good use.
Andy Oldham, managing director at Quidco, commented: "The tipping point may be a pressing credit card bill or a January pay check that doesn't quite meet immediate cash-flow needs, but it's clear the post-Christmas period is a time when people are taking stock of their finances.
"Whether it's a long-term plan which includes signing up to a credit reference agency, switching to a more profitable current account, finding a better deal on credit cards or a personal loan, customers are claiming cashback where they can to help offset the expense of the Christmas period and the financial hangover that comes with it."
Whether you use cashback sites or not, the message is clear – now's the time to get in control! It needn't be that difficult to do so, and if you remember the basics, you could soon notice a difference to your bank balance.
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Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.
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