UK Money News
31st July 2008
Debt consolidators urged to shop around for loans
Borrowers looking to consolidate their debts have been urged to shop around for the best deal in order to avoid recent rate hikes from high street lenders.
Over the last month, 14 companies have increased rates on their loans with some hiking repayments on selected products by five per cent, according to research conducted by Moneyfacts.co.uk.
Esther James, an analyst at the site, said this could result in consolidators finding that their repayments are reduced as much as they expected and urged consumers to survey the market to secure the cheapest deal.
She added: "Family finances continue to be stretched, causing many to consider consolidating existing debts into one loan as a means of reducing monthly outgoings. Borrowers, however, will find that the reduction may not be as great as expected.
"Anyone looking to consolidate their debts needs to make sure they shop around."
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