by Administrator
26. May 2011 11:29
Applying for a
debt consolidation loan could be an option for Brits who can only afford the minimum repayments on their outstanding arrears.
According to price comparison site moneysupermarket.com, one in three Brits has seen their amount of personal debt increase over the last year.
It was also found that 14 per cent of those with money problems only make the minimum repayments on their debt, as ten per cent cannot afford to pay more and another four want to leave some disposable income for themselves.
Tim Moss, head of
loans and debt at the firm, said: "There is no need for consumers to bury their heads in the sand when it comes to their finances and by taking steps to reduce personal debt, many of these problems can be nipped in the bud early on, before they escalate out of control."
Brits can reduce personal debt by trimming down their household budgets to free up cash to clear debt or through a consolidation
loan, he added.
A
debt consolidation loan lumps all outstanding arrears into one monthly affordable repayment.
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