Moneysupermarket: Borrowers going deeper into the red

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Moneysupermarket: Borrowers going deeper into the red

Wed 8th Oct 2008

Nearly two thirds of people who take out a loan to consolidate their debts borrow more while repaying them, comparison website Moneysupermarket.com has said.
According to its data, one in ten borrowers feels that their debts are getting out of control.
Moneysupermarket.com said that more people are struggling as food, fuel and electricity rise in price, with one borrower in nine saying they do not feel able to do anything about the money they owe.
Debt consolidation is also frequently not seen to be a one-off option, with 44 per cent saying they would consider doing it again.
Tim Moss, head of loans at Moneysupermarket.com, said he was "shocked" that so many people are going deeper into debt with the same means they used to try to organise their money.
While debt consolidation can help, he warned that people doing so need to be "extremely disciplined" and not borrow more.
He urged people worried about debt to seek help as soon as possible.
Other new research from Moneysupermarket.com has found that army officers are the most likely drivers to speed, while anthropologists are the least likely to do so.

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