Ł5bn Debt Consolidation Prediction

Ł5bn of Debt Consolidation Predicted

Sainsbury's Bank estimates that half a million people will consolidate debts worth Ł5bn

30th January 2006

Sainsbury's Bank predict that up to half a million people will take out loans worth Ł5bn in the first 3 months of 2006, as people try to sort out their debt.

Debt consolidation will be the biggest single reason for loans being taken out, according to the bank, with one in 3 personal loans being for this purpose.

The bank, who offer their own low rate unsecured loan, say that people should shop around rather than just approaching their bank, as rates vary widely and people could end up paying far more than they need to.

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More on Debt Consolidation: About Debt Consolidation (Article, 24/08/2005), OFT Investigation into Debt Consolidation Loans (News, 12/03/2004), Debt Consolidation Top Reason for Loans (News, 02/02/2004)

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