Brits use unsecured loans to pay off debt, says Halifax

Thu, 28 May 2009

A new survey by Halifax has shown that British people are trying to pay off their debt by taking out a further unsecured loan .

According to the Halifax Unsecured Personal Loans review, 54 per cent of those who applied for credit in 2008 did so to allow them to make repayments on other products such as credit cards .

Other uses for personal loans included home improvements (15 per cent) and car purchase (23 per cent), while some people chose to invest in themselves with further studying at college or university .

Russell Galley, director of loans at Halifax, said: "Similar to the last annual review there is a continued trend in the number of people who are looking to invest in themselves and their future."

A recent survey of the personal loans market by Sainsbury's showed that, for figures between £5,000 and £15,000, there are only four lenders which offer eight per cent or less annual percentage rate.
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