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Consumers `increasingly experiencing debt problems` Over-50s `better at managing credit card debt` New banking rules `may restrict access to loans` UK `must reduce consumer debt` 700k `on Debt Management Plans` Recession `could lead to financial problems for retirees` Charity sees increase in debt, mortgage and loan arrear enquiries Retirees` finances `may be damaged by rate cut` Consumers `aiming to reduce spending` People `increasingly turning to illegal loans` Children raised in credit crunch `may be better able to manage money` Many parents `pushed into debt by adult children` Young people `failing to protect themselves for debt repayments` Consumers in East Midlands `relying less on debt to fund lives` Plans set out to help people in debt PPI ban `could leave consumers without loan cover` Govt `must step in to stop debt addiction` Cash-strapped Brits `see fraud as more acceptable` People `should not rely on mortgage rescue plan` Consumers `to take out £3bn in debt consolidation loans by Easter`

Consumers `to take out £3bn in debt consolidation loans by Easter`

22/01/2009

By Easter, UK consumers will have taken out approximately £3 billion of personal loans for the purposes of debt consolidation, new research indicates.

According to Sainsbury`s Finance, a total of around 250,000 such loans could be purchased over the first quarter of this year.

The financial services provider states that the first half of the year and January in particular is the busiest time for taking out debt consolidation loans.

Head of loans at the firm Steven Baillie said that paying a number of individual rates of interest, which could be as high as 30 per cent, is not the most cost-effective way of managing debt.

He added that paying a number of individual rates of interest, which could be as high as 30 per cent, is not the most cost-effective way of managing debt.

Earlier this week, Halifax suggested that there has been an increase in the number of consumers transferring debt to credit cards from more expensive products such as store cards and other loans.

More than 4 million fear they`ll be made redundant 16/12/2010 - According to R3`s quarterly personal debt tracker, more than 4 Consumers took on more mortgage debt in July 26/08/2010 - Consumers took on £2bn more mortgage debt than they repaid Debts called in by parents 26/08/2010 - According to research, `the bank of Mum and Dad` is Teenagers `scared of debt` 19/08/2010 - Nearly two thirds of teenagers are `scared` of debt, according