Secured loans could tackle debt repayments
29/01/2008More people are struggling with credit card debt as a new survey reveals that over five million people have defaulted on repayments within the past six months.
According to the figures, put together by MoneyExpert.com, the number of people who have missed a payment on their credit card bills - which can often be cleared with a secured loan - has increased by an estimated two per cent on the previous six months.
Commenting on the results, MoneyExpert.com chief executive Sean Gardner said that more people were concerned about the level of debt they were in but were failing to address their problems.
"Anyone in trouble needs to take action now because the situation will only get worse if they bury their heads in the sand. They need to get their debts under control," he said.
Many people struggling with high interest credit card repayments seek debt consolidation through secured loans, as often these can provide a lower rate of interest than more traditional methods of lending.
 © Adfero Ltd
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