Citizens Advice hints at rising demand for consolidation loans

Wed, 03 Jan 2007

Thousands of people could be in the market for a new debt consolidation loan this January after Citizens Advice predicted it would receive more debt enquiries from consumers than last year.

The consumer support charity claims to deal with 5,300 debt issues on an average working day.

Traditionally, though, demand for help increases as people look to remain solvent after over-spending at Christmas.

Sarah Miller from Citizens Advice claims that this year could see a record number of spenders look for debt solutions, such as individual voluntary agreements, bankruptcy or debt consolidation loans.

"We do see evidence of a Christmas debt hangover and this month we expect to exceed the 140,000 debt problems that Citizens Advice bureaux dealt with in January 2006," she said. "Impartial advice is so vital."

Spending at Christmas is typically driven by the launch of expensive new toys and electronics.

For instance, this festive season saw the launch of the Nintendo Wii games console, which had a recommended UK retail price of £179.

The product was widely reported to be one of the most-wanted Christmas presents among younger age demographics.


add to favouritesnewsletterlink to this pagesend to friendpost comments

Link to this page

Copy and Paste the following HTML into your page.

 

 

newsnews rss
Personal loans news
BBA Reveals Home Loan Dip - Mon, 26 Jul 2010
Government to Conduct Personal Loan Review - Thu, 22 Jul 2010
Positive Home Loan Trend Continues in May - Fri, 16 Jul 2010
More News
Simplyhealth Dental Plan
Affordable cover from only £7.50 per month. Join now and get first month FREE
Amex Cash Back
Credit Card
Get 5% cash back on purchases with Amex
Income Protection Insurance
Get an instant quote with the award winning company

Paying Too Much?

7 out of 10 people are paying too much for their mortgage. To find out if you're one of them click here or fill out a FREE no obligation enquiry form