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Consolidating unsecured loans could help save cash

Consolidating unsecured loans could help save cash

Category: Loans

Updated: 23/01/2009
First Published: 22/01/2009

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Consolidating unsecured loans into one payment could help consumers to manage their finances, it has been suggested.

Nationwide has advised people to prepare for the possibility that they will be made redundant, as it found that over a third are more concerned for their jobs than they were a year ago.

And with the Office for National Statistics (ONS) revealing that unemployment is at its highest level since September 2007, the building society has urged consumers to save enough money to see them through at least four months.

Director at Nationwide Rob Bailey remarked: "By acting now people can take steps to lessen the financial impact of losing their job and make sure, should the worst happen, they are in the best position to weather the storm."

In addition consolidating unsecured loans, Nationwide recommended that homeowners overpay on their mortgages while they can.

The three months up to November 2008 saw 89,000 fewer people in full-time employment than the previous quarter, according to ONS figure.

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