UK predicts prosperous 2006

More than a third of the UK public believes that they will be richer at the end of 2006 than they were going into the year, a Nationwide Building Society poll has revealed.

The confident prediction makes a contrast when compared to the gloomy expectations of many who work in the finance industry.

The building society says that the UK is so upbeat because people feel that they are in control of their finances and able to juggle the demands of borrowing with best rate deals and low cost homeowner loans.

A majority of adults – 53 per cent – expect to pay off Christmas borrowing by the end of January, with only one respondent in eight saying that they had paid for Christmas with store cards or credit cards.

One in four still expects to be paying for Christmas after the end of March, however, a six per cent increase on last year’s figures.

“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 homeowner loan,” said Nationwide executive director Stuart Bernau.

© Adfero Ltd

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