Personal loans suggested to reduce debt

Fri, 23 Dec 2005

January will be a time for financial review, with many people planning to reduce their debts and switch to more competitive financial and banking products, new research shows.

A survey by Alliance & Leicester Personal Loans reveals that one in five people hope to reduce their personal debts in the new year, while 14 per cent want to clear all their debt in 2006.

Switching their current financial products to a more competitive deal is a priority for a further 22 per cent of banking customers, the research shows.

The majority of people have said they plan to budget better in the new year in order to be saving money.

Alliance & Leicester Personal Loans found that only seven per cent of people with intentions to clear their debts have definite plans to consolidate these in one low-rate personal loan.

"For many people, consolidating existing debts onto one low-rate personal loan will not only save them money, but it will also give them a disciplined approach to repayment, and an end date for when their debt will be cleared," says the bank's personal loans manager, Claire Alvey.

"We all seem pretty keen on saving money and wanting those bargains in the new year sales, but we need to use this same approach with our finances too," she continues, adding that "this is where significant savings can easily be made".

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