Millions look to loans to consolidate

Mon, 17 Mar 2008

Up to 6.5 million people have been forced to consolidate their debts in the past three years as they seek to keep borrowing under control, it has been claimed.

The data, released by MoneyExpert also reveals that 1.29 million people have moved debts of more than £20,000 which they have run up on credit cards, store cards and overdrafts .

According to the website, the demand for secured personal loans has increased significantly in the past six months.

Sean Gardner, chief executive of the firm, said: "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.

"It is encouraging that so many people have taken action as you can make significant savings by moving all your debts to one place."

He added that the average unsecured personal loan is much cheaper when compared to the average credit card and that, because of this, anyone consolidating could cut their monthly interest bill.

Last week, unbiased.co.uk found that personal loan debt increased t0 £9.8 billion in 2007.
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