Now UK Borrowers Can Save Considerably £20billion On Interest

A new study has exposed that debt consolidation loans could assist UK's borrowers to save their money up to £20 billion on interest. As such seeking out debt consolidation loans would help the UK's borrowers to merge their numerous debts into one single monthly loan which is highly affordable. With the help of this they'll get a chance to deal with one lender only at a time.

According to new research carried out by price comparison website, uSwitch.com, the total personal debt across the UK enhanced up to £1.45 trillion while Brits spend £98 billion a year on interest on debts like on credit cards and overdrafts.

The study discovered that borrowers could save billions on interest if they were combined their numerous debts to a low-cost loan.

The website discovered that £20 billion would be saved in interest payments while £800 will be saved within five years for an average household.

According to Louise Bond, personal finance manager at uSwitch.com, "It is really important that borrowers provide themselves the great possible opportunity of servicing their debt in the most economical and convenient way as much as possible. If consumers are thorough with the ability to handle their spending, seeking out debt consolidation loans can prove to be of great assistance to diminish the monthly repayments, and it can also help to clear up borrowings earlier as the repayments are fixed and set for an agreed number of years."

However, the consolidation clock is ticking because six unsecured personal loan lenders have raised their rates by two per cent in spite of the reduction in the interest rates.

She added that 2009 could be the "hardest in history."

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