6.5m turning to debt consolidation
Posted 2008-03-16
Up to 6.5 million Brits have opted to take out a debt consolidation loan in the past three years, it has emerged. Among that group some 1.29 million took out loans of over £20,000 - amalgamating hefty credit card, store card and personal loans debts into one repayment programme. Commenting on the latest figures, MoneyExpert.com chief executive Sean Gardner said that it was understandable that many people felt the need to combine their various debts into one loan. "Anyone who is juggling a range of debts with money owed on credit cards, store cards and loans should be acting to get their debts under control," he affirmed. He stressed, however, that consolidation loans should be treated as a means of turning around ones affairs and restoring financial salubrity - and not simply a stop-gap solution. "It shouldnt be something you keep on doing simply to tide you over from year to year," Mr Gardner admonished. According to debt charity Credit Action, total UK personal debt currently stands at £1,412bn.
March 17th, 2008 at 11:33 pm
Debt consolidation loan is one of the good things happened to cover up your various debts. It is understandable that every one can not maintain their funds properly so their debt starts to pile up and this is one of the easiest way to repay your debts.
Adam