Secured loans and tackling new year debt
10/01/2008More people could be opting for secured loans or debt consolidation loans at this time of year as one expert suggests that the new year is a great time to reorganise debt.
According to the Consumer Credit Counselling Service (CCCS), a registered charitable organisation which advises consumers on debt and financial management, it is advisable for people to make a new start at the beginning of the year and examine their financial status.
Frances Walker, a spokeswoman for CCCS, said that many people will have to find more money this year to tackle debt and credit card charges but that it was important to do this sooner rather than later.
"If people have used a lot of credit cards over Christmas they really need to be paying back more than just the minimum payments," she said.
Many people choose to repay their existing debts and credit card repayments with a secured loan, which can often provide a more competitive rate of interest than traditional methods of lending.
 © Adfero Ltd
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