UK Money News
24th December 2007
Loans applications 'to soar in January'
Lenders are likely to see a surge in loan applications in January as over-zealous Christmas shoppers look for help with money to consolidate their debts.
So claims Equifax, the personal finance research firm, which states that looking for help with money in the short-term over the festive season is a "common trend".
Neil Munroe, external affairs director at the company, remarks that even if retail is slower this year than previously and people are spending less than expected - as suggested by seller discounting - nonetheless significant amounts will be paid out.
However, he stated that with the tightening of lending criteria people may find it harder than expected too acquire help with money in the form of a debt consolidation loan.
"At the moment the general view is that if they are in the marginal area, so if their credit score is only marginally acceptable for lenders, they may find it more difficult," he added.
The money news adds to recent data from the Credit Action, which indicates that including mortgages the average UK household debt stands at £55,877.
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