03 November, 2008

It has been revealed that Britons continue to hold a moving back confidence regarding their finances.

In the latest Consumer Confidence study conducted by GfK NOP, it was indicated that the outlook for members of the public hold towards their own money management and the economy as a whole declined over the course of this month. The organization registered a whole index score of -36 for the month of October, with this figure it shows a drop of four points from the -32 recorded during the previous month. In October last year, however, GfK NOP had noted a score of -8.

The most dramatic drop was traced in the index tracking whether customers believe now is a good time to buy something big. GfK NOP reported that this measure decreased 11 points over the course of the month to stand at -43.

While, the study pointed out that customers outlook about the general state of the economy during the past year has reduced ten points to stand at -72.

Britons having such an increasingly negative outlook towards their financial situation, it could be possible that customers are hunting the fruitful option to tackle with various spending commitments which is becoming a tough task to perform. As such, this may mean that they are struggling when it comes to managing repayments on personal loans, credit cards and utility bills. However, be taking out debt consolidation may prove to be helpful. These loans consolidate numerous debts of the borrowers into a single lo cost loan. This leaves them with easy affordable monthly installments.

Rachael Joy, of GfK NOPs consumer confidence team, stated that "The index score this month has come back to the level we saw in August. The turmoil surrounding the banking world and subsequent turbulence in the monetary markets is making for an unsure time. Customers are not at all confident about making major purchases as increasing food and energy bills leave them highly concerned about keeping up with payments and saving has also seen a substantial decline." This may come under control be seeking debt consolidation loans. This would leave the customers to concentrate on other financial commitments effectively and boost their confidence as well.