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Do we rely too heavily on credit?

When making any kind of purchase it is becoming common for shoppers to be offered the option of credit when it comes to paying for it. This can be for anything from clothes to buying furniture or a car.

There are companies that offer household appliances on finance for a weekly payment or companies that will do home improvements, also on finance, and then you have insurances that can be paid monthly on credit.

This got me to thinking about how heavily we rely on credit.

As well as using credit to pay for purchases people increasingly seem to be using it for essential and day-to-day expenses.

A recent survey conducted by Shelter revealed that almost one million people took out a payday loan to pay either their rent or mortgage during 2011. The survey also reveals that a further 7 million people are using some form of credit to pay their overall housing costs, clearly showing that people are spiralling into debt to afford the basics.

It is often a misconception that people are using credit to fund a lifestyle they would not normally afford. This could be said for those who use it to purchase items such as a new car or new furniture, however with the ever increasing cost of food, petrol, energy and generally living expenses it is becoming more apparent that people are now relying on credit just to get by.

We work with each of our clients at the beginning of their plans to put together an affordable budget for them to live off. Part of the budget will provide a set amount of funds each month for the client to save for an emergency. We encourage the client to save this money for events such as birthdays and Christmas, but it can also be used when an unexpected cost crops up. By doing this we hope to eliminate the need for our clients to increase their borrowing and rely on credit to get by.

If you are using credit to get by please call one of our debt specialists free on 0800 2945205 or fill out our online referral form by clicking here. They will be able to assist you in getting your finances in order and back onto the road to being debt free.

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Online Surveys – Are they worth it?

Online surveys seem to becoming more and more popular with posters on forums like Money Saving Expert and IVA.co.uk. Many posters use survey sites to earn points that then turn into vouchers.

How do they work?

They work by using a simple format: you register with a survey site and enter details about yourself. These details will then allow the sites database to send you relevant surveys. Once a survey is available to you, you will be asked a series of questions to answer; with the survey times varying but it will usually state how long it should take at the beginning.

How do you get paid?

Each survey site is different, as some give a monetary value for each completed survey, while others give a point’s score. Each site will have a threshold for when you can redeem your completed surveys into vouchers. Some sites offer High Street shopping vouchers, while others offer supermarket and retail vouchers. Some do offer payment by cheque; however you may find that the payment threshold is a lot higher.

How do I find these sites?

Money Saving Expert has a good list of sites that are worth looking at. The list tells you all that you need to know about each site. Click here to see the list.

Are they worth it?

One of our clients wrote to us to give us her opinion on survey sites…

“I would like to recommend people signed up to marketing websites for some extra cash in the form of vouchers. I have used Amazon vouchers for purchasing discounted books and even a Kindle (£15.00 six times per annum adds up to nifty money). There is a good choice of vouchers. At the moment I have £20 in J Lewis / Waitrose and expecting £15 any time soon for use at Amazon. I am saving up for new curtains.

I have some £15.00 on Nectar card and  £11.50 in Tesco vouchers. All these little sources of vouchers add up to nice sums for extra treats. I have managed to buy lovely furnishings incl. table lamp, dining chairs, fireplace and mirrored coffee table which adds light to my otherwise dark and sparsely furnished living room. Rome wasn’t built in a day and I can be patient.”

Have you ever used a survey site and did you find it worthwhile? Let us know.

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Mothers Day on a budget

Mother’s Day is just a few days away, a day for us to celebrate all that our mothers do for us. As with all ‘holidays’ like this, many see it as an unnecessary cost, but it doesn’t need to be if you look at our money saving tips!

The card

It is believed to be a tradition to send cards on days like these, but that doesn’t mean you need to buy them. By making your own card you can personalise it to your Mum’s taste therefore making it more meaningful.

The flowers

It is thought that the average bouquet of flowers cost £34 last year, but there are ways of doing this cheaper. You could visit your local market and collect several smaller bunches of flowers to create your own bouquet, you can them make sure that you get all of your Mum’s favourites in there.

The meal

Instead of taking your Mum out, why not make her a nice home cooked meal, this will not only save you money but means that you can make the day more special for her. You could even bake a cake.

The present

Presents are not a necessity for Mother’s Day, spending time with her or helping her out for a day is often special enough for your Mum.

What tips do you have to spend less on Mother’s Day, but still manage to make it special?

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Where can I get help with my utility bills?

Wherever you go you will hear people talking about the rising cost of something or other. With the current state of the economy it is hard to escape. Now it looks like the UK will enter into another recession this year people are beginning to panic already about how they are going to afford to live. One of the biggest concerns during the current cold spell is the cost of our fuel bills.

The facts:

Energy bills are rising, wholesale prices are driving prices up and the average household bill has increased by a whopping 73% since 2005. In the same time period, the average household income has only increased by 20%.

Seven million people are thought to be living in fuel poverty. This is defined as when 10% or more of your total income goes towards paying for fuel.  An estimated 2,700 people die each year from fuel poverty. The Coalition Government want to end fuel poverty by 2016.

What can you do?

Whether you are technically in fuel poverty, or you are simply struggling to juggle your bills, there are plenty of places for you to go in order to seek assistance. Here are a few:

Provider – always go to your energy provider as your first port of call to see what assistance they can offer you.

WarmFront – this is a grant scheme available in England and they provide funds towards insulation and heating in privately owned or rented properties. They also offer advice on energy saving and can provide free low-energy light bulbs. There are also similar grants available in Scotland, Wales and Northern Ireland.

Home Heat Helpline – this is a free helpline that advises people who are worried about paying their bills and keeping their homes warm this winter. If you are on low income, this will give you urgent help and advice. You can contact them on 0800 33 66 99.

What next?

If you are in a debt plan you need to make sure your budget sufficiently covers your utility bills in order to avoid getting into arrears.

Always read your meter and never rely on ‘estimated’ bills. You could be paying for more than you need to, so always check.

Use price comparison sites and see if you can switch to another provider to save you money. This doesn’t always work out, but it doesn’t hurt to check.

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