An increasing number of Consumers are becoming worried about their finances, according to a recent report.

In research carried out by Gfk NOP, it was revealed that the nation's financial situation has continued to get worse. The research company indicated that the overall index which measures British opinions on economic conditions reached -29 during may. Such a figure represents a fall of five points from the -24 recorded in April and down from -2 which was seen 12 months ago.

The company's index measuring consumers interpretation of their own financial situation during the last year was recorded to have slipped by three points to stand at -11, this being the lowest figure on record since the end of 1995. Meanwhile, predictions over how they will control their finances over the forthcoming year is similarly bleak. This index is at -4, a fall of 17 points from May 2007.

As a result of worries about their current financial situation, it is probable that people are finding it difficult to meet demands on their spending such as credit cards, loans and domestic bills.

In addition, the measure used for tracking how the economy has fared overall for the previous 12 months sits at -58, sliding from -18 points compared to the study carried out at the same time last year, and the lowest figure recorded since 15 months ago. Furthermore, expectations about the country's general financial situation is down to -39 points.

Further research from the firm also revealed that the index used to measure whether or not buyers think that it is now a good time to make a major purchase has continued to slip. It currently stands at -32, a fall of eight points from April data and 36 down on the May 2007 figures. The recent figure was also noted to be the worst score ever recorded since Gfk NOP began its study in the over 20 years ago.

However, for prospective buyers who are thinking of making a significant purchase, which might include a car or home, using a cheap personal loan to fund such buying could be advisable.

And with consumers harbouring such concerns about their finances, it may be possible to think that more people will want to think a little more towards putting money away for the future. However, it would appear that this is not necessarily the case as the index tracking whether people think that now is currently a good time to save money has fallen. Down by three over the course of May to stand at 25, the index stands ten points lower than during the corresponding period in 2007.

Commenting on the figures, Rachael Joy, from GfK NOP's consumer confidence team, said: "UK consumer confidence continues its decline and we are seeing levels not recorded since 1990; we are at a huge 27 points lower than this time last year. Buyers' confidence in the economy over the next year, plus a reluctance to make major purchases, reflect the popular expectation of a recession - both these measures are at the lowest level on record. The future months may see even a further fall in confidence, as inflation going up and dropping house prices make reigning in their spending even more likely to the UK consumer".

Those Consumers who are worried about their ability to manage over the rest of the year may find it useful to take out a cheap loan. In doing so, this could enable consumers to meet various demands on their monthly expenditure at once, leaving them with one lower, more affordable repayment to make each month. This might be of assistance to a significant number of consumers after Michael Coogan, director general for the Council of Mortgage Lenders, expressed disappointment at the Bank of England's decision to keep interest rates unchanged last month. He claimed that although most consumers should be ok, the housing and mortgage markets will encounter problems over the rest of the year. Mr Coogan advised those worried about their ability to manage their money to contact their loan officer or a financial advisory service immediately.

Mark Dawson writes for the the Loan Arrangers where you can compare UK loans and apply online for the cheapest secured loans, and adverse credit loans.