Many of my blogs recently have focused on the fact that many families are struggling with their finances, and for many it feels like it’s worse than it has been for a while.
Well, if you’ve been feeling like that, then you won’t be surprised to hear that according to a consumer analysis carried out by financial services company Markit, it was revealed that our household finances are worse than they were during the height of the recession, in early 2009.
The analysis showed that nearly 40% of consumers found that their finances worsened between July and August with the deadly combination of rising prices and decreasing salaries causing a big impact. The analysis showed that there has been the biggest reduction in people being able to save, since early 2009, with levels of debt increasing for the fifth month in a row.
No age, income level or region was exempt from this dire financial outlook, but it did find that those in the north seem to be affected more than consumers in the south. It also found that 49% of those surveyed expected that their financial position to get worse, with only 27% saying that they expected an improvement.
So, what does the future have in store for us as consumers? Hopefully those 27% were right in thinking that there will be an improvement. However, if you are struggling meeting any payments, then filling out a text loans instant cash applications could be an alternative. Small payday loans lenders make these quick and simple to apply for, and you just pay them back on your next payday. Check out them out for more information.