Brits urged to consider debt consolidation
Brits urged to consider debt consolidation
Monday 19th January 2009
According to new research from uSwitch.com, the nation's residents stand to save a collective £20 billion through debt consolidation, with the average household saving £803 over a five-year period.
Recent figures from Credit Action state that British borrowers currently pay out £98 billion in interest on credit cards, overdrafts, unsecured loans and other forms of debt.
"As we embark on what is expected to be one of the toughest years in the history of the UK, it is vital that borrowers give themselves the best possible chance of servicing their debt in the most economical and manageable way possible," commented Louise Bond, personal finance manager at uSwitch.com.
She added: "If consumers are careful about managing their spending, a debt consolidation loan can help to reduce monthly repayments and can also help to settle borrowings earlier."
The UK's total personal debt stood at £1,456 billion at the end of November 2008, according to Credit Action figures.
News article brought to you by Debt1 - One of the UK’s leading debt management companies.
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