Cash advance could avoid erosion of savings this winter
(11 November 2005)

The seasonal rise in fuel and energy bills will up the cost of living for many Brits and force them to raid money that they have stashed away, according to new figures – but a payday loan could ensure that you don't have to make too many inroads into the hard-earned cash in your savings account.

According to Birmingham Midshires, unexpected bills were the primary reason for Brits having to delve into their savings in the third quarter of this year – with 18 per cent forced to do so on account of this.

As fuel usage over the winter months amounts to between 60 and 70 per cent of overall annual consumption, people are likely to feel the sting even more than they did over the summer months.

Younger people are said to struggle the most to successfully predict their bills, with 23 per cent of twenty-somethings and 29 per cent of those in their thirties having needed to use their savings to cover their summer energy use.

Kevin Mountford, head of savings, sales and marketing at Birmingham Midshires, commented: "To avoid being stung by higher winter bills and to protect savings we would advise Britons to revisit their bills from previous years so that they can make the necessary financial provisions for these expenses.

"The run up to Christmas and the onset of winter is often an expensive time of the year and prior planning can help us keep our savings intact."

If you find a nasty surprise from your electricity or gas provider turning up on your doorstep this winter, a short term loan could see you through without needing to eat into the money you've been saving.


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