/24-7PressRelease/ - LONDON, UK, January 11, 2007 - January is the most active month for customers availing personal loans. This is principally due to the holiday season when many may have overdone their purchases or taken out more credit than necessary.
Fresh research from Sainsbury's Bank has revealed that in the month of January, consumers tend to transfer balances between credit cards. This helps to alleviate costs on interest rates.
These days, debt consolidation appears foremost on many customers' lists. The bank predicts that 433,800 personal loans would be taken out from January till March, which would total circa 4.8 billion.
By consolidating present loans, borrowers can alleviate the amount of interest payable and control their finances with more efficiency.
Steven Baillie, loans manager at Sainsbury's Bank, says: "Consolidating your debts into one personal loan which charges a lower rate of interest can mean that you could save hundreds of pounds in repayments."
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