/24-7PressRelease/ - LONDON, UK, May 07, 2007 - The Finance & Leasing Association (FLA) is the principal representative of the asset, consumer and motor finance sector in the UK. In one statement, the association said that loans bring benefits to a majority of borrowers.
Their spokesperson Edward Simpson said that debts may be growing in the UK, but most borrowers manage their loans sensibly and benefit from the financial stability they bring.
He explained, "It's a minority of people that get in to trouble... The borrower's got to make sure that they don't overextend themselves and that they're in a position to repay outgoings".
He further added that most of the people who get into debt trap are the ones who are hit by unforeseen circumstances, like redundancy or divorce. His advice is that loan insurance can help in this regard, but only where customers are fully clear of terms and conditions.
In another statement, FLA said that personal loans can be a "positive move" to help consolidate debts. With credit card interest rates rising, the option of taking out a personal loan with a lower interest rate looks more alluring.
Another spokesperson Helen Saxon said that borrowers are using personal loans "across the spectrum", not only to buy cars and to carry out home improvements, but also to consolidate existing debt.
However, she warned the customers and said, "You do have to be careful if you are consolidating that you don't run up the debt again, and that you can pay off any loan that you take out".
Source of news:
http://www.londonstockexchange.com/en-gb/pricesnews/investnews/article.htm?wbc_purpose=Basic?wbc_purpose?wbc_purpose?ArticleID=18099269
For more information, kindly contact us at below address-
Parade House,
135, The Parade High Street,
Watford, Hertfordshire,
WD17 1NS
http://www.loans11.co.uk/contact_us.html
CALL FREE: - 0800 097 3655
Email us at - loans-enquiries@loans11.co.uk
http://www.loans11.co.uk/
---
Press release service and press release distribution provided by http://www.24-7pressrelease.com# # #
Read more Press Releases from Jeremy Elvin:Other Press Release Headlines:
