6th Jan
January is the most popular month for people to take out unsecured personal loans, new research has shown.
Halifax found that nearly twice as many consumers opt for a personal loan in the first months as do in any other. What's more, the percentage of loans taken out for debt consolidation also increases in January.
"For many people, the start of the year is a time to get personal finances in order - transferring debt from more expensive products such as store cards or other loans," explained Neil Chandler, head of Halifax Unsecured Personal Loans.
"Using an unsecured personal loan for debt consolidation means you have just one fixed monthly payment for all your debts making it easier for people to manage their finances."
The study also showed that men are more likely to apply for a debt consolidation loan than women at any time of the year.
Website MoneyExpert.com recently suggested that consumers could save over £200 every year by switching to a more competitive rate on their unsecured personal loan.
Source: http://www.moneyhighstreet.com/news/
18455713+More+people+opt+for+loans+in+January/
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