Personal loans to cover debt situation

Thu, 20 Jul 2006

People who worry about their borrowings have been told they could have too much debt, though personal loans such as secured loans might be more suitable as a means of getting additional income.

Financial services company Seeing Red has called on consumers to check their finances following recent reports that consumer borrowing has reached an all time high.

Britons currently have more debt in proportion to their income than other country suggests the research.

Seeing Red suggests that debt could be as much of a psychological problem as it is a monetary one for several people.

Sue Cox, a spokesperson for Seeing Red, commented: "Debt is as much a psychological problem as a financial one.

"We have analysed our case files, and certain types of behaviour stand out as being typical of those people who may be heading for serious money troubles."

Personal loans can often undercut other types of borrowing such as that on credit cards, since they offer lower rates of interest.

Secured loans are one type of personal loan, which are taken out against one's property as opposed to one's person.

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