Brits are keen to consolidate multiple debts into one loan

- LONDON, UK, December 28, 2006 - As revealed by new research, a good number of the Brits could realise the benefits of consolidating their debts into one loan. Many of them want to use personal loans for the purpose.

According to the research nearly 23 per cent of consumers consider to consolidate their debts into one loan. Among them 31 per cent are interested in consolidating their debts into a personal loan. This fact has been revealed by Alliance & Leicester.

It has been highlighted by the bank"s research that a quarter of people in the UK use store credit cards. The bank warns that the use of such products can lead the consumers pay 1,500 extra. To avoid credit cards to finance personal needs like Christmas shopping the bank advises them to consider the option of personal loans.

Senior personal loans manager at Alliance & Leicester, Richard Al-Dabbagh remarked that Christmas cost could really add up and some of the offers pushed at the consumers by sales assistants in connection with their store cards could seem really tempting.

He also added that the real costs of these discounts, however, might be with the consumer for a long time as interest payments stack up. In this regard, he advised that by taking low-cost personal loans consumers can make their debt easily manageable and save money in the New Year as well.

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28.12.2006 - 21:56 Source: 24-7pressrelease.com | Read: 341 X