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Latest News
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6.5 million people consolidated debts in the last 3 years
In the last three years 6.5 million people have taken out consolidating loans to help tackle increased debt repayments.
A study carried out by MoneyExpert has found that of the 6.5 million individuals who were forced to consolidate their outstanding debts, 1.29 million consolidated debts in excess of £20,000.
It also found that younger people were most likely to have consolidated with 23 per cent of 25 to 34-year-olds having moved their debt to just one lender.
Sean Gardner, chief executive of MoneyExpert.com, said: "It is crucial that borrowers see consolidation as a wake-up call to get debts under control. It shouldn't be something you keep on doing simply to tide you over from year to year."
Money Expert is an online price comparison website for finances. It specialises in finding consumers the best rates on loans, mortgages, credit cards and insurance.
See how much you could save with a debt consolidation loan from Lombard Direct
© Adfero Ltd
09/05/2008 15:03:03
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