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Debt consolidation hits £1.5bn
Consumers are set to borrow £1.5bn for debt consolidation in the thirst three months of 2012, according to data out yesterday from Sainsbury’s Finance. The 157,000 loans account for almost one in three of all unsecured loans taken out in the period, and average £9,800 each. “For those who perhaps have balances on credit cards where they are no longer benefiting from an introductory offer or are paying a high interest rate on one or more store cards, consolidating the debt could make a big difference by making it easier to budget monthly outgoings,” said Steven Baillie of Sainsbury’s. “Anyone considering taking out a personal loan for this purpose should make sure they shop around and find the most competitive rate or reward package.”