/24-7PressRelease/ - LONDON, UK, January 11, 2007 - A research from Sainsbury's Bank shows that upto 433,800 personal loans might be taken out in the period between January to March 2007 for debt consolidation purposes. The loans are estimated to be worth 4.8 billion.
Once the Christmas and New Year is over, people start repaying their festive debts. Around 52 per cent people in the UK are expected to clear their Christmas debts by the end of January. Nearly 8 per cent says that it will take more than 12 months to wipe out their debts carried forward from the festive period.
Generally, January is also a popular time for personal loan uptake specially for the purpose of debt consolidation.
Steven Baillie, loans manager at Sainsbury's Bank stated: "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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