Personal loans can cut store card costs, expert claims

Thu, 14 Aug 2008

People with store card debts should consider taking out a personal loan to pay them off, according to one expert.

Research by Alliance and Leicester Personal Loans shows that the average interest rate on a store card is 26 per cent, three times more expensive than a low-rate loan .

Mark Boyle, personal loans manager at the bank, said: "Summer is as good a time as any to sit down and reassess your finances . "For those who wish to make their debt easier to manage, taking out a personal loan and consolidating it into one easy to manage chunk may be a wise option."

With same-day money transfers available on some personal loans, people could clear their debt almost immediately, he added.

Earlier this month, Payday Power announced that it is to begin offering short-term personal loans to consumers.

According to the firm, the service will help tide people over if they find themselves short of money in the run up to their next payday.
add to favouritesnewsletterlink to this pagesend to friendpost comments

Link to this page

Copy and Paste the following HTML into your page.

 

 

Credit Crunch Savers
Amex Cash Back
Credit Card
Get 5% cash back on purchases with Amex
Virgin Credit Card
0% APR on balance transfers for 16 months
Tesco Insurance Sale
50% discount on car and home insurance.
Offer ends 7th Jan 09
Post Office Instant Saver
Protect your savings with the Post Office saver

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