Finance news from Loans Park

London (loans-park) February 23, 2007: According to a recent study conducted by one of the leading comparison sites, 13 million people will consolidate their multiple debts with the help of personal loans. On the other hand, around 8.5 million will borrow from credit cards. While rest of them may use an overdraft facility or any other loan option.

According to financial experts people should assess themselves before taking loans. They should borrow a loan amount by keeping in mind whether they would be able to manage it or not.

A financial representative who did not want to be named said “Taking a personal loan to consolidate debts can be a useful way for people to get their finances under control, but a loan for these purposes should be considered carefully and only regarded as a measure for becoming debt-free-not as a license to go spending again”.

There was a prediction by the Sainsbury Bank that around 433,800 personal loans would be taken for consolidating the multiple debts.

According to the estimate by this firm around £4.8 billion can be taken for this purpose. So, whether it is secured debt consolidation loans or unsecured debt consolidation loans; the borrowers should use this loan wisely.