Debt worries 'growing in the UK', Consolidation loans "Provide structure"
An increasing number of British people are feeling stressed out about debt
, a new report has claimed.
MoneyExpert.com states that one in three UK consumers are concerned about their current levels of borrowing, with spending hangovers from the Christmas period making personal finances particularly difficult to manage for many people.
According to the financial advice website's findings, 47 per cent of British adults currently owe money on credit cards, representing a rise of six per cent on three months ago.
Despite this, chief executive at MoneyExpert.com Sean Gardner urged consumers not to panic about debt and stated that there are "many ways for people to get their finances under control", including debt consolidation loans.
He explained: "Whether you need to consolidate your debts with a loan or just juggle your borrowing onto cheaper products, the important thing is to work out a repayment plan and not bury your head in the sand."
A recent study from Moneyextra.com discovered that Brits have significantly reduced their credit card use since Christmas in an attempt to come to terms with their festive spending.
A debt expert has recommended that people with money difficulties take out a personal loan to consolidate their borrowing.
Director of Debt Help UK Ian Wrenshall said that the advantage of debt consolidation loans is that they can provide an otherwise disorganised borrower with "financial structure".
He advised people struggling with multiple credit card and loan commitments to consider consolidation through a single loan before their borrowing gets out of hand and leads to serious debt problems.
Mr Wrenshall said: "A consolidation loan can be very effective, because under the right circumstances it can lower your expenditure and make your borrowings cheaper, making them more affordable."
He added that this type of loan can often "hold things together" when people have started to struggle with their borrowing habits.
Earlier this week, price comparison website uSwitch.com released figures stating that the typical British household could save 605 over three years by consolidating all debts into a single loan payment.
Debt worries 'growing in the UK', Consolidation loans "Provide structure"
By: steven tunaley
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