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UK mortgage holders confident for 2006

Date: Wed, 04 Jan 2006

UK mortgage holders are confident about their financial position in 2006, according to a new survey.

Research for Nationwide Building Society concluded that four out of every five people are predicting that their household finances in 2006 will be either the same as, or better than, they were last year.

In particular, UK mortgage holders are confident that the recent festive period will not have a prolonged impact on their monthly outgoings, with the survey revealing that 53 per cent of all adults expect to have paid for Christmas by the end of January. Just 13 per cent turned to credit or store cards to finance their present buying, with the vast majority relying on savings or current incomes instead.

"It is encouraging to see that so many people are able to pay for Christmas from their savings, rather than going into debt," said Nationwide executive director, Stuart Bernau.

He added: "For those who have chosen to borrow money to fund Christmas, now is a good time to review how they will pay off that debt, and to check if they could get a better deal by switching their credit card, or by taking out a personal loan."


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