News

Debtors considering secured loans may benefit from financial advice

People keen to get their debt under control in 2009 - perhaps by taking out secured loans - are being urged to seek advice.

Research from MoneyExpert.com has revealed 51 per cent of people who admit they are very concerned about the amount of money they owe have not asked for help.

The financial website said borrowers who are worried about their ability to manage debt should seek assistance now rather than waiting until they start missing payments.

Director of MoneyExpert.com Sean Gardner commented: "Debt has been the ticking timebomb in the UK economy for the past few years."

He warned: "Don't bury your head in the sand."

Mr Gardner added there are a number of debt counselling charities which can offer advice.

Homeowners who owe money on credit cards may find paying with a secured loan can reduce the amount of interest they accrue.

Lenders are generally prepared to offer competitive deals on this type of borrowing - as they use a person's property as security.


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