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Debt consolidation loan may help cut daily interest bill
A debt consolidation loan may be one way consumers can lower their interest payments, which one new survey has indicated is a major issue for Britons.
Interest payments totalling £175 million a day are being paid by UK borrowers, according to new data from credit Action.
Such a figure may be very hard to sustain for many and taking out a loan that will help reduce monthly interest payments could be a very effective response.
And the importance of such action may have been borne out by another statistic - the fact that the total amount owed per household is £55,822.
This figure does include mortgages, but even without that it is still £8,042 and such a debt burden may be one many can reduce.
Earlier this month, head of consumer finance at the Finance and Leasing Association Fiona Hoyle noted that much of the new borrowing being taken on by "cautious" consumers was in the form of consolidation loans.
Interest payments totalling £175 million a day are being paid by UK borrowers, according to new data from credit Action.
Such a figure may be very hard to sustain for many and taking out a loan that will help reduce monthly interest payments could be a very effective response.
And the importance of such action may have been borne out by another statistic - the fact that the total amount owed per household is £55,822.
This figure does include mortgages, but even without that it is still £8,042 and such a debt burden may be one many can reduce.
Earlier this month, head of consumer finance at the Finance and Leasing Association Fiona Hoyle noted that much of the new borrowing being taken on by "cautious" consumers was in the form of consolidation loans.
Published: 30/09/2011
The information in this article was correct at the time of publication and contains time sensitive data and links, it may not be accurate at the time of reading.