Consolidating unsecured loans helps cutting back - Loans - News - Moneyfacts

News

Moneyfacts.co.uk News brings you the latest financial & economic news & reviews of the best products in the UK by our team of money experts.

Consolidating unsecured loans helps cutting back

Consolidating unsecured loans helps cutting back

Category: Loans

Updated: 29/01/2009
First Published: 29/01/2009

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

More than half of people in the UK have been cutting back on their spending, it has been found.

According to a survey by AA Personal Loans, 53 per cent have reduced their outgoings in January.

The firm has offered advice to those attempting to continue doing so, with the consolidation of unsecured loans one of the steps recommended.

"Despite a third of the population having three or more loans, an astonishing 75 per cent of us would not consider a consolidation loan," said Mark Huggins, of AA Personal Loans.

And he added that such a step can be a "simple and effective" way to save money as interest rates can become more manageable.

This week the UK Insolvency Helpline noted that banks are now more open to debt consolidation, as they are keen to recover outstanding debt that has been built up through the likes of credit cards and unsecured loans.

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

Blue Monday hits nation’s finances

Today has been dubbed Blue Monday – the most depressing day of the year – and considering how many people could be battling with their finances this month, it’s little wonder.

Calls to make the loans market clearer

At first glance the personal loans market may seem simple enough, but get into the nitty gritty and it can be anything but. As a result, some are calling for action to make the market clearer and fairer for all.

Get the cheapest ever personal loan!

Have you woken up with a financial hangover after the festivities? Perhaps you’ve got big plans for the year ahead, or maybe you need a new car? Well, whatever your reasons for needing a loan, you can now snap one up for the cheapest ever rate!
 
Close