While there are a lot of people looking at their finances and wondering what they can afford in the days and weeks that lie ahead, there are obviously a lot of people looking further than this and having a concern about paying all of their bills and dealing with unexpected bills. This is the case for many people and it is clear to see how this has changed in recent years.
Back in 2002, there was a study undertaken by a company called Birmingham Midshires and they found that 81% of respondents said that they would be concerned about paying household bills if they lost their job. Nowadays, this is probably close to the response people would offer even if they had jobs, so the downturn and fear in the economy has certainly grown in this period of time.
Other factors that were stated in the report include 91% of respondents saying they would be unable to pay for nursing care or a place in a residential home if an elderly relative required it. There was also a response of 86% from people saying they wouldn’t be able to fund their own private healthcare treatment if they fell ill and were unable to utilise the NHS. You can see with the current plight of the NHS that this is something that many people will have concerns about, but there are many things that people need to focus on in order to improve their finances.
Try and prepare for any eventuality
Saving for a rainy day is all well and good but when people don’t have the funds to pay off bills every single month, you can see why no one is actually getting the chance to save money. If you are unable to save for a rainy day and find yourself getting hit with an unexpected bill, there is a need to take action in an effective and efficient manner. This is why many people are looking to take out a guarantor loan.
A guarantor loan can be arranged at short notice and the presence of the guarantor ensures that the APR is a lot more affordable. This means you can pay off the loan more easily, which has to be seen as a positive thing in the current climate.
There is no doubt that more and more people are concerned about their finances in the present day, and this is why it makes sense to plan ahead as best as you can. However, if you are unable to plan ahead, you will want to have a good Plan B and this is where a guarantor loan can come in handy.