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Consumer confidence fell by four points in December, dropping from 51 to 47, according to a report.

News of troubled retailers and redundancies has dealt a blow to the economic expectations of Britons, Nationwide reveals.

Cash-strapped consumers did point out that now could be a good time to buy items such as fridges and television while the high street continues its discounting frenzy.

As such, taking out a small loan to cover the costs of home renovations and DIY could be an option that households wish to consider while materials and equipment might be cheaper.

Nationwide's chief economist Fionnuala Earley states that there are signs that individuals are taking steps to prepare for the financial challenges of 2009 "and this is likely to become more evident in the coming months as people take stock of how current and future economic conditions may impact on their personal circumstances".

Indeed, borrowing cash via secured loans could be one idea that people take into consideration when organising their financial situation.

However, Borro.com claims that going to a modern pawnbroker for a short-term loan is a viable option for struggling households.