Indebted consumers have gone consolidation crazy over the last 3 years suggests a new study.
According to a leading price comparison site, almost 7 million borrowers within the UK have opted to use a debt consolidation loan as a means to control their monthly expenditure.
Expressed in percentage terms, the statistics effectively mean that around 20% of all borrowers are now, or have recently entered into a consolidation loan agreement, with the average debtor rolling in excess of £15,000 worth of accumulated credit into their loan.
A spokesperson for the site commented that the findings, although startling at first, should actually be viewed in a very positive light, as they essentially show that huge numbers of indebted Brits are looking for practical ways to curb their outgoings. Consolidation loans are also one of the best ways for consumers to manage their debts, providing that the deal entered into is of a competitive nature and repayment boundaries are cohered to.
In related news, some of the countries largest debt management providers have reported a surge in the number of people seeking DM and IVA services over the last few months. Experts feel that the limited availability of credit has created a golden era for the financial management industry.
