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70% of Brits `without unsecured loans`

23/09/2008

Many people in the UK do not have unsecured loans, the findings of a recent study indicate.

Conducted by Fairinvestment.co.uk, the research suggests that seven in ten consumers are without such loans.

Meanwhile, it was also found that, of those who do have credit card and store card debts, 60 per cent owe less than £1,000.

Commenting on the findings, Fairinvestment.co.uk spokesman Matt Edwards said: "This is good news as rumours of a recession circulate, people are going to need all the spare cash they can get their hands on, so large loan and credit card repayments could cause problems."

Meanwhile, homeowner loans were recently suggested as one possibility for consumers experiencing debt problems in Britain.

According to the Thrifty Scot, even people who have a bad credit rating, as well as those who have declared bankruptcy or have entered into an individual voluntary arrangement, can secure such a loan.

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