Friday, January 15, 2010

Personal Loans Deferred in Favor of Cash Savings

Savings prove more reliable than credit

Consumers who had to rely on personal loans to make ends meet throughout 2009 are making strict financial resolutions for 2010. Nancy Sycamore of Plainfield, Washington said, "We thought three month's worth of savings would last us…that was the suggested savings amount by numerous experts. When we went down to a one-income house, our savings quickly diminished." Saving more money is a high priority among Americans now that 2010 is here. The recession taught many consumers a few lessons when it comes to credit. First of all, credit isn't the savior it was thought to be. Credit card companies were quick to shut their doors to even good clients, when the recession was at its most difficult. Secondly, good old-fashioned cash proved to be the most reliable form of funding in a tricky market.

Finding ways to save in 2010

Everyone knows that savings is a high priority, but what are some ways to save? The best thing about saving these days is that it can be done automatically. For example, directly depositing funds from a paycheck into an interest-bearing savings account can make saving effortless. June Schroeder, financial planner with Liberty Financial Group, said, "Any bonuses or raises should be carefully managed. A good rule of thumb is to put at least half of any extra money directly into savings." Also, any rebate checks or coupon discounts should go to savings as well. … click here to read the rest of the article titled “Personal Loans Deferred in Favor of Cash Savings

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