New Year Debt Enquiries Set To Surge

Thu, 07 Jan 2010

The number of debt enquiries made by Britons will soar over the coming weeks as consumers look to reduce their Christmas debt, according to Nationwide .

Figures from the Citizens Advice Bureau show that their debt advice experts are dealing with an ongoing increase in debt problems .

Between July and September last year, the CAB saw a 26 per cent rise in debt-related issues compared to the same period in 2008, resulting in some 572,970 debt enquiries from troubled Brits.

According to Richard Napier, head of Nationwide personal loans and credit cards, many people will look to consolidate their debt in the first few months of 2010 following heavy spending over the Christmas period.

He said that one in six of all Nationwide loans issued in January 2009 were for debt consolidation purposes.

Mr Napier explained that debt consolidation loans, at a reasonable interest rate offer a way of cutting monthly outgoings and making debt easier to manage by putting them all in one place.

Another option for consumers is an interest-free balance transfer credit card, which he said could save hundreds of pounds a year in interest as the outstanding balances of several credit cards are transferred onto a new on, reducing the overall cost of the debt.
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