UK Money News
6th February 2008
January is peak month for debt consolidation loans
The month of January is marked by thousands of Britons acting to exercise greater control over their personal finances, new research suggests.
Data from Halifax Unsecured Personal Loans shows that the number of personal loans taken out peaks during January.
Just as tellingly, the month also sees the highest number of consolidated loans taken out, as consumers look to reorganise their finances and take advantage of more manageable repayment plans.
Neil Chandler, Head of Halifax Unsecured Personal Loans, said: "For many people, the start of the year is a time to get personal finances in order - transferring debt from more expensive products such as store cards or other loans.
"Our research shows that this is certainly the case, with the number of loans taken out for debt consolidation increasing."
Mr Chandler continued: "Using an unsecured personal loan for debt consolidation means you have just one fixed monthly payment for all your debts making it easier for people to manage their finances."
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