More people looking to consolidate debts

Wed, 15 Feb 2012

An increasing number of Britons are looking to consolidate their personal debt in the first quarter of 2012, new research has revealed.

According to a study conducted by Sainsbury's, households across the country are planning to take out a total of 157,000 loans worth a combined £1.5 billion for this purpose before the end of next month.

The survey established that some 30 per cent of all lending arrangements agreed during this period will at least in part be to help clear debts, with the average loan signed up for to do this being £9,800.

Steven Baillie, head of Sainsburys Loans, said that individuals with balances on credit cards that are no longer benefitting from introductory offers could notice a "big difference" in their debt levels by consolidating the cash they owe.

This comes after Gail Goldie, product and marketing director at Santander Cards, noted people are now focusing more on keeping out of debt rather than accumulating more arrears.
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