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Restructuring 'could help debt repayment'

Consumers looking to deal with their debts have been advised to look at loans as a way of restructuring any debt to make it more manageable.

Donald Macleod, head of cards at Sainsbury's Bank, has suggested that a low-cost loan or a zero per cent credit card could make handling a debt easier or more possible, with the new year a good time to start.

"Appraise where you are and see if there's a better way of handling that debt; look at loans, look at restructuring, the zero per cent interest rates out there," Mr Macleod said.

Furthermore, Mr Macleod suggested that January is a good time to be looking to move debt, with "a lot of great deals out at this point".

Sainsbury's Bank's head of cards also added that around two-thirds are expected to have any debt left over from Christmas dealt with by the end of January, suggesting Christmas debt is not "disastrous".

Recent research by the bank revealed that 25.63 million people expect to have their Christmas expenditure paid back before the start of February.

See how much you could save with a debt consolidation loan from Lombard Direct.

© Adfero Ltd

22/01/2008 15:48:04

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