/24-7PressRelease/ - LONDON, UK, December 26, 2007 - According to Equifax, a financial services provider, loan applications are all set to increase early in the New Year. Brits who resort to short-term loans in the Christmas and New Year time try to consolidate their debts in January.
Neil Munroe, external affairs director of Equifax, said: "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. At the moment the general view is that if they are in the marginal area, so if their credit score is only marginally acceptable for lenders, they may find it more difficult."
However, the present scenario in the UK financial markets may make it difficult for those who have less acceptable credit score. The strict loan conditions set by lenders may drive out the borrowers having an extremely bad credit score.
Once the festival season comes to an end, people should be thinking about clearing their debts as quickly as possible. Susan Hannums, savings manager for AWD Chase de Vere said that interest rates on debt will be higher than the annual interest rates on people's savings. Hannums said: "If you can afford to put a little bit aside like, say, for forward planning for Christmas, it doesn't hurt - even if it's just ten, twenty pounds. It all helps for next year, and obviously it will stop you from needing to get into debt next year."
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