Secured loans could help credit card customers
12/01/2009People who are keen to pay off credit card bills as a result of the current economic downturn may find they benefit from taking out secured loans.
According to Equifax, people may start relying on credit cards less in the present financial climate.
External affairs director Neil Munroe said: "People will be more wary about running balances on these things in case their income suddenly disappears if they lose their job."
He added there were likely to be more individuals looking to pay off debts in full or at least make higher repayments.
Homeowners keen to pay off what they owe on their credit cards may find a secured loan can help them do this more quickly, as interest rates on such forms of borrowing tend to be competitive.
Lenders are more inclined to offer good deals on such loans as a customer's property is used as security.
Equifax was established in 1989 in the UK and provides services across a number of sectors, including financial, healthcare and retail.
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