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January is `peak month for debt consolidation`

21/12/2007

More people aim to consolidate their debts in January than any other month, according to Equifax.

The credit reporting company said that the month after Christmas normally brings with it a higher number of people considering debt management.

As more people borrow during December to fund their festive spending, so do they tend to be more willing to make the repayments as soon as possible, said Neil Munroe, external affairs director at Equifax.

"There`s a common trend that people do borrow short-term over Christmas and try to consolidate that in the new year, so there`s always an increase in loan applications and mortgage applications," he commented.

Mr Munroe noted that Christmas spending is likely to be lower this year but maintains that the January trend for debt help will continue.

According to Credit Action, the total level of debt in the UK stood at £1,931 billion at the end of October.

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