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Credit Nation

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If you’re struggling to make ends meet and are thinking about taking out a loan to help, you can rest assured you’re not alone. Lots of people around the country are feeling the financial pinch and are turning to credit to get by.

The good news is, it’s now simple to access reliable and responsible loans. Here at Varooma we offer logbook loans that could be ideal for you. Even if you have a bad credit record, you may be able to benefit from this money.

Debt levels reach an all-time high

Highlighting the pressures facing people around the UK, Aviva has released figures suggesting that household debt levels are at an all-time high. The organisation suggested that average debts have reached nearly £13,000.

In its Family Finances Report, which tracks the financial circumstances of different UK family types, the firm revealed that typical household debt has increased by 38 per cent since May last year, when it stood at £9,314. Now, the average debt held by households is £12,834. This is the highest figure recorded since the report began in January 2011.

It seems as though many are turning to friends and family for cash. Typically, households owe £2,011 to loved ones. Of course, not everyone’s families are in a position to help out in this way and, even if they are, borrowing money like this can lead to tensions between relatives.

More positive

On a more positive note, the report also suggested that family incomes have increased by more than £1,200 a year. The average family now has £1,260 more spending power over 12 months than they did in August 2012.

Also, regular family savings rose. The typical family now saves or invests £96 per month, which is up by 20 per cent since January 2013.

Balancing the books

Responding to the findings, protection distribution director for Aviva Louise Colley said: “Since we began our report series, we’ve seen a common thread of people juggling their finances to balance the family books. As money matters improve in one area, this is often offset in another - and this edition is no different.”

She added: “Building a savings pot is a fantastic step, but if debts are growing, families need to consider which is the more pressing need.”

See for yourself

If you’re in need of some extra cash to tide you over, whether you want the money to fund a purchase or cover your expenses, you can check out our car log book loans. Our loans enable you to borrow money against your car, using it as security.

Getting loans from us is quick and hassle-free. We know that our customers often need money fast, and we go out of our way to ensure they get it. Also, when compared with other popular logbook loan companies, our prices are the most competitive on the market.

You don’t even have to come to us to complete the paperwork. Instead, we can come to you and make the arrangements in the comfort of your own home.