18 Feb 2008 04:38:22 | moneynet
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Moneynet.co.uk, the UK’s most established financial comparison
site has recently launched a new section on debt consolidation
loans. Debt consolidation has become a major market in the UK as
consumers struggle to pay off their debts.
According to Credit Action, a national money education charity,
figures for the second quarter in 2005 showed that the number of
individual insolvencies had increased by 36.8% since the same
period last year. Credit Action also reported that a survey by
Lloyds TSB revealed that 20% of individuals admit that they
regularly avoid checking their bank balance because they were
scared to see their balance.
The most recent financial services survey by the Department of
Trade and Industry (DTI) revealed that 5% of individuals are
finding their household’s debt repayments a ‘heavy burden’’ and
the number of consumer debt problems dealt with by the Citizens
Advice Bureaux has grown by a massive 74% over the past seven
years.
Moneynet’s decision to tackle debt consolidation is extremely
pertinent in the current political climate, where the government
is taking a stern view against loan sharks and unethical
consumer financial products Moneynet is keen to build on its
ethical reputation by ensuring consumers have a full choice of
relevant financial products available to them.
Richard Brown, moneynet’s Chief Executive Officer commented,
“‘whilst we urge people to think carefully before consolidating
their debts, this can prove to be a lifesaver for many people.
Amalgamating all credit card, store card and personal loan debt
into one can make the payments more manageable. However, once
this has been done it is often sensible to destroy existing
credit cards and avoid the temptation of running up further debt
until the loan is repaid'”
The debt consolidation loans section is in line with other
consumer champion initiatives which moneynet has recently
implemented on the website, including its series of product and
lifestyle guides. In addition to its extensive price comparison
research on credit cards, loans, insurance and mortgages,
moneynet provides downloadable consumer information on family
finance, ethical investing and student finance.
http://www.moneynet.co.uk
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