Now could be the time to assess secured loans
23/01/2008Now Christmas and sale spending is out of the way, it could be a good time to assess personal finance options, it was suggested today.
According to Donald Macleod, head of cards at Sainsbury's Bank, this might be an ideal time of year to evaluate one's amount of debt and ensure the most suitable method is being undertaken to deal with repayments.
He advised consumers to consider loans and the various interest rates to figure out the best way to clear debt as there are "great deals" available at the moment.
"You can get a deal that really suits your circumstances," Mr Macloed said. "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."
The high street bank recently conducted research on Christmas spending and discovered that 15 per cent of people expect repayments to take two to three months, while one per cent believes their debt-clearing will take over a year.
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