Grumpy Owl Posted August 31, 2022 Share Posted August 31, 2022 (edited) DON'T DO IT no matter how much of a 'good idea' you think this is! Searches for 'apply for a loan' explode by nearly 300% as worries mount over soaring energy bills More worried families considering taking out a loan to help them pay extortionate energy bills Quote More desperate people are considering taking out a loan to help them pay sky-rocketing energy bills and other costs, analysis of search data has revealed. Google searches for 'apply for a loan' surged by 295% at the end of last week after it was announced energy bills for the typical household would rise by 80% to more than £3,500 in October. And amid uncertainty about what help will be coming from the Government, it appears to show more families are worrying they will not be able to manage on their current income, exploring the possibility of a loan instead to help tide them over. Anyone thinking of turning to loan companies had been urged to think carefully and conduct thorough research first. The rise in Google searches about loans was the highest in more than a year. Searches for just the term ‘loans' have rocketed by 123% since the announcement was made, analysis of Google trends by finance experts Loan Corp revealed. It comes amid concerns low and even middle-income households will struggle to manage this winter without significant intervention from the Government. Birmingham Live has set out what needs to happen from expected new Prime Minister Liz Truss here. A Loan Corp spokeswoman said: "This week the British public have been faced with the news that energy prices are set to rise exponentially in the coming months, leaving many looking for alternative means to make ends meet. "However, the latest Ofgem announcement has also encouraged a surge of online interest in taking out a loan, highlighting the massive impact the cost-of-living crisis is having on the public. Taking out a loan is a decision that should be made with thorough research and with costs across other sectors rumoured to continue to rise, it will be interesting to see whether these searches translate into loan applications.” From: https://www.birminghammail.co.uk/black-country/searches-apply-loan-explode-nearly-24897176 Stop and think about this for a minute: you're worried about paying your energy bills so you think the solution is to take out a loan so you can pay them? For starters, people are only worried about their energy bills because the 'media' has frightened them into worrying about them, by bandying around huge figures like £3000 or £5000. Secondly, if you're struggling to make ends meet as it is, how on earth does 'borrowing' money in the form of a loan help? Any loan taken out has to be paid back with interest, so you always end up paying back more than you initially 'borrowed'. Also don't forget with interest rate rises, your 'affordable monthly repayments' could quite easily become 'unaffordable' as interest rates rise. It's almost like they want people to increase their debt burden even further. And whats this about "uncertainty about what help will be coming from the Government"? The media have been making a big play about this in the last few days, demanding that it is the Government that needs to 'do something' to help people, by providing more handouts. I disaagree, handouts are not the answer, as that just makes people further indebted and beholden to the State, and of course this is just priming people to get used to and welcoming of the idea of a Universal Basic Income (UBI) which would of course be intrisincally linked to a Chinese-style social credit system. Edited August 31, 2022 by Grumpy Owl spelling 4 1 1 Quote Link to comment Share on other sites More sharing options...
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