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This article is for information only. It does not constitute advice. Chase Saunders Ltd does not provide services for savings, investments, mortgages or insurance. You should seek advice on these areas from a qualified financial advisor.

Most loans taken out in January

Article Category: Debt Management Help and Advice


January is the most popular month for people to jump on the unsecured personal loan bandwagon, according to the Halifax building society.

According to research undertaken by the high street lender, the number of loans taken out during the month is almost double some other months of the year.

Also, the percentage of loans taken out for debt consolidation goes up.

Neil Chandler, from the Halifax, says that January appears to be the month that people are galvanised into getting their finances in order.

This may mean taking measures like transferring high-interest store cards and other debts into one, more manageable, smaller loan.

Mr Chandler added: "Using an unsecured personal loan for debt consolidation means you have just one fixed monthly payment for all your debts making it easier for people to manage their finances."

Halifax figures show that men are the likelier gender to apply for a debt consolidation loan.

In general, those aged between 20 and 29 years-old are the most likely to take out this type of loan, with the 30 to 39 year-olds running them a close second.


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Created on 06/02/2008 14:36:40
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