Those taking out secured loans typically adopt a responsible attitude to spending and saving, according to a new report.

Budgeting is central to maintaining a healthy bank balance and the new research from Interfinancial indicates that those interested in secured personal loans tend to have a good idea about how to remain financially prudent.

Some 21 per cent of secured loan customers said that they had budgeted according to a calculation of how much of their income can be spent on a daily basis.

Abbi Rouse, credit verification officer at Interfinancial, reported "an interesting difference in budgeting skills between those who were seeking secured loans and those who were looking to consolidate bad debts".

Those who have previously encountered CCJs and bad debt loans and who have often missed payments were found to be much less familiar with the basic idea of establishing a daily allowance.

Just three per cent of those seeking bad debt loans had considered a strict budgeting plan, despite the evident need for such a structure.

Source:http://www.netloans.co.uk/articles/Secured-loans-linked-to-careful-budgeting-344.aspx