/24-7PressRelease/ - LONDON, UK, January 12, 2007 - Personal loans are on high demand in January. The purpose of taking these loans, for most of the consumers, is debt consolidation. After huge expenditure in the festive season of Christmas, consumers are trying to reorganise their finances. This is revealed by the research made by Sainsbury's Bank.
According to the research, 52 per cent of consumers are hoping to clear their Christmas spending by the end of January. On the other hand, 8 per cent expect that it will take a little more than 12 months to get away with their debts.
It has been estimated by the bank that between January and March 2007, consumers will take out up to 433,800 personal loans worth around 4.8 billion. This whole amount is supposed to be used for consolidating Christmas debts.
Steven Baillie, loans manager at Sainsbury's Bank, said that consumers could save hundreds of pounds in repayments by consolidating their debts into one personal loan, as it came with a lower rate of interest.
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