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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 It is now over 6 months old so the content may be out of date.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.

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