Debt Consolidation Loans Attractive to Younger Britons
Young people are more likely to consider a debt consolidation loan to manage debt than are older people, according to a new study.People in the 20 to 29 year-old age group are the most likely to take out a loan, followed by those in the 30 to 39 year-old group.
Data collected by Halifax indicate that many people are inspired by the new year to seek a loan in January. Numbers for the month are twice what they are for some other months.
Neil Chandler, head of Halifax Unsecured Personal Loans, says the first of the year is the time that many choose to turn to products that offer lower rates of interest.
Regardless the time of year, men are more likely to seek a debt consolidation loan than are women.
People should talk with family and friends about loans, according to the Consumer Credit Counseling Service.