Borrowers urged to consider debt consolidation loans
Borrowers urged to consider debt consolidation loans
Friday 6th June 2008
James Jones, the consumer manager at Experian, identified debt consolidation loans as one "of a range of options" open to those struggling with debt.
Mr Jones also approved contacting creditors as soon as possible to prevent the debt from spiralling and contacting debt advice providers.
He said: "They can help you to decide what the best solution for you is and can negotiate on your behalf which can be a very useful route to take."
The rise in levels of defaults on credit card debt and personal loans held by Britons has prompted a 3.4 per cent increase in the number of individual voluntary arrangements (IVAs) during the first three months of the year.
This is believed to have been fuelled by rising fuel and food costs and higher loan repayments on mortgages.
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