Alliance & Leicester personal loans points to benefit of debt consolidation
www.moneynews.co.uk > Loans > Alliance & Leicester personal loans points to benefit of debt consolidation
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Money News |
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Alliance & Leicester personal loans points to benefit of debt consolidation
Tue 14th Dec 2004
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But despite the considerable savings on offer, only one person in 12 (eight per cent) is considering this option.
Research out today by Alliance & Leicester Personal Loans finds that by switching £5,000 of debt to a personal loan of 5.9 per cent could save the average consumer £1,213.56 in interest payments over three years.
However, when questioned on why they had no plans to consolidate their debts, two out of every five consumers (40 per cent) felt that debt consolidation was a “bad deal”.
"It is worrying that so many people with expensive debts are ignoring their financial situation and not thinking about ways to reduce them and save money. Consolidating all debts onto one personal loan will not only save money, but offer a repayment discipline and offer reassurance by clearly setting out an 'end date' for their debt," said Andy Bayes, head of personal loans, Alliance & Leicester.
"Debt consolidation to a low-rate loan is a sensible and viable option for many of today's borrowers who yearn to be free of their debts. Looking to review finances in the New Year is one resolution that shouldn't be broken."
Of the eight per cent of people those who are thinking about debt consolidation, or the one in three who have already done so (32 per cent), most said they a single personal loan could save money through paying less interest.
Moreover, one in five said they were fed up with having debts that they are not paying off and 19 per cent said having many different debts was hard to manage.
Twenty-one per cent felt that that consolidation would give them the discipline to pay off their debts more quickly.
Related News : Loans |
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Related News : Alliance & Leicester |
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