Halifax: Loans popular in January

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Halifax: Loans popular in January

Wed 6th Feb 2008

British consumers are determined to stick to their guns and get their financial situation in order in January, according to Halifax Unsecured Personal Loans.

The month is the most popular in which to opt for an unsecured deal, while the popularity of products taken out for debt consolidation reasons also rockets, Halifax noted.

And it claimed people can transfer their loan repayments into one simple channel and said this is good news in terms of their financial situation.

"For many people, the start of the year is a time to get personal finances in order - transferring debt from more expensive products such as store cards or other loans ... with the number of loans taken out for debt consolidation increasing," Neil Chandler, head of Halifax Unsecured Personal Loans, commented.

He added that a large number of individuals are also now starting to look for and compare loan deals over the internet because of the convenience it affords.

Recently, Rachel Lacy, the editor of Moneywise magazine, argued that personal loans are a great way in which to consolidate debt.

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