New research by Halifax Unsecured Personal Loans shows that when it comes to sticking to our New Years' Resolutions, as far as personal finances are concerned, we're determined to stay on track.
The research shows that January is the most popular month to take out an unsecured personal loan – almost double some other months of the year. More significantly, the percentage of loans taken out for debt consolidation also increases – again making January the most popular month for this type of loan by far.
Neil Chandler, Head of Halifax Unsecured Personal Loans, comments:
"For many people, the start of the year is a time to get personal finances in order – transferring debt from more expensive products such as store cards or other loans. Our research shows that this is certainly the case, with the number of loans taken out for debt consolidation increasing.
"Using an unsecured personal loan for debt consolidation means you have just one fixed monthly payment for all your debts making it easier for people to manage their finances."
Men more likely to apply for consolidation loans than women:
The research also showed that men are more likely to apply for a debt consolidation loan than women regardless of the time of year.
Younger generation more likely to consolidate debts:
Those aged 20-29 years old are most likely to take a loan for debt consolidation purposes closely followed by those aged 30-39 years old.
Neil Chandler continues: "We have seen more and more people choosing to organise their finances by either comparing or applying online. Typically, an online application takes less than 10 minutes to complete and can be done at any time of the day. This convenience and greater access to the internet means that this trend is set to continue."
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 Any products featured may be withdrawn by their provider or changed at any time.
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