In a study carried out by Abbey Loans, it was revealed that some 1.35 million UK personal loan borrowers have taken out such a product in private. Overall, it was suggested that the total value of these loans stands at about 7.7 billion pounds, an average of 5,720 pounds per person. Although 54 per cent of such debtors have taken out 3,000 pounds or less, the average loan value was reported to be "skewed upwards" by the five per cent of respondents who are applying for amounts of between 20,000 pounds and 50,000 pounds.
More than half (56 per cent) of clandestine borrowers, around 762,000 people, state that they have taken out a low cost personal loan to use as a means of debt consolidation, to help them pay off money owed to a variety of creditors. Just under 199,000 Britons (seven per cent) look to borrow to assist them with making home improvements, while 100,000 do so to buy a car. In addition, 65,000 consumers purchase a holiday with their borrowing. Meanwhile, about 27,000 borrowers use a UK loan to meet the cost of having cosmetic surgery.
Research from the financial services firm also revealed that people between the ages of 35 and 44 are the likeliest to have taken out a secret personal loan. On the other hand, the over-65s are most probable to not opt to borrow covertly.
Abbey Loans also pointed out that 56 per cent of people questioned reported that they had not told their partner or members of their family that they had applied for a loan because they are too embarrassed. Some 29 per cent claimed that the loan is a private matter, with six per cent reporting it is to help fund a surprise for either a relation or partner.
Commenting on the figures, Paul Morrish, director of Abbey Loans, said: "Borrowing in secret - especially large amounts - is not advisable and we would encourage people to be open and honest about their finances. Talking about your financial situation with others can help so that you can be realistic about what is affordable. However, for those who are comfortable they can afford repayments, it's worth doing some research to find the most appropriate deal for you. There are different types of loans that suit different circumstances - and our staff can help talk you through the options."
Although taking a low rate personal loan can provide valuable help with finance, it may be advisable for prospective borrowers to ensure they make their loved ones aware of their intention. In doing this, it is possible that should they later encounter difficulties with their money management than they will be able to turn to friends, family and partners for help.
Additionally, a cheap personal loan could be a cost-effective way to fund the holiday of a lifetime. Speaking earlier this year, Richard Al-Dabbagh, personal loans manager at Alliance & Leicester, reported that a low-rate loan could be an idea to finance a break as borrowers will be to make manageable low-cost repayments.
Living a balanced life is the key to personal goal setting success and your career success in sales. What does it mean to live a balanced life? Balanced living starts by setting goals in all areas of your life. Goal setting has implications far beyond your career goals. In fact, people who set only business related goals decrease their odds of having a well balanced, happy life and achieving their business goals.
Let's start by measuring your life satisfaction and to identify areas that might benefit from personal goal setting.
On a piece of paper, draw a large circle. In the center of the circle, draw a very small circle. Next, draw 6 straight lines from the small circle to the large circle, like spokes on a bicycle wheel.
On a scale of 1 to 10 (1 is the lowest and 10 the highest) ask yourself how satisfied you are with your current position in regards to; financial and career, social and cultural, spiritual and ethical, family and home, mental and educational and physical and health.
Take into account the following personal goal setting issues:
Financial and Career Do you enjoy your work? Do you feel you are making a contribution to society? Are you living up to your potential? Have you achieved a satisfactory standard of living?
Social and Cultural Does your circle of friends enhance your life and contribute to your sense of contentment and well-being? Is there at least one other person you can discuss important life issues with? Do you have interests outside of your career and family (sports, theater, outdoor events)?
Spiritual and Ethical Have you identified your specific personal values? Are you living up to those personal values? Is religion important to you? If so, are you happy with the way you are practicing your religion? If its not, what is your relationship with a higher power or with the universe in general?
Family and Home Have you realized your dream in terms of your home and family relationships?
Mental and Educational Did you accomplish the educational goals you set for yourself? Are you still growing and learning? Do you invest in your continuing education on a regular basis?
Physical and Health Are you satisfied with your current level of physical health? Are you living up to your own standards in terms of diet and exercise? Are you fit enough to do the things you want to do?
Next record your answers by putting a mark on each spoke under the respective categories. Assign the innermost notch on the wheel a value of one, and the outer ring a value of ten. After you have marked all of the spokes, connect your marks, creating your own "wheel." Congratulations to those whose wheel is round and hugs the outer edge of the figure. Chances are that you are reasonably happy and are living a fairly balanced life. However, any other shaped/configured wheel suggests room for growth.
For example, if your circle is lopsided, the low score(s) identify the area(s) in which you need to focus your personal goal-setting efforts. If your wheel is round but small, that's okay. Your life is in balance you just need to set goals in all areas of your life in order to expand your wheel and achieve greater general satisfaction.
Repeat this process on a regular basis until your wheel meets your own standard of success. However, don't stop there. Life doesn't stand still. If you not moving forward then you're loosing ground. Stretch your personal goal setting. Get out of your comfort zone and set new and challenging goals.
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