Secured loans to aid debt consolidation
02/01/2008UK consumers could save billions by utilising debt consolidation techniques such as financial planning and secured loans, according to a new survey.
The study, conducted by uSwitch, showed that people in the UK who may be struggling with debts such as credit card repayments could save around £15 billion by opting for debt consolidation.
It was revealed that around one in four people are having difficulty managing their debt and that an estimated 9.5 million are now at a stage where they have maximised the borrowing on their credit cards.
Commenting on the results, Mike Naylor of uSwitch.com said: "Anyone with multiple debts and a poor credit history could be vulnerable to the impact of the credit crunch and should seriously consider [debt] consolidation."
He added that reduction in the base rate of interest was a sign that things were moving in the "right direction" but added that for many people this could be "too little too late".
Earlier this week Moneyfacts.co.uk suggested that opting for a loan may be a good way for consumers to tackle their debt problems.
 © Adfero Ltd
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