Indebted consumers ‘must engage their finances’

Consumers seeking a debt free lifestyle have been encouraged to engage with their money by a secured loan provider.

According to Picture Financial, weighing up the different options available to them when they are thinking about how to rid themselves of debt is the best way for consumers to manage their finances.

Debt consolidation loans, favourable interest rates and advice from an independent source are all ways that people looking to clear debt could be helped, according to the company.

“Looking at all the options available to us, whether consolidating our existing credit into one place, switching to credit providers with more favourable rates or seeking independent advice are all ways we can significantly reduce our monthly repayments,” said Julia Dallimore, marketing director at Picture Financial.

The company’s comments come in a week when the Bank of England voted to keep the base rate of interest at 5.75 per cent.

According to Lloyds TSB, the good news for borrowers looks set to continue with rates expected to be kept at this level for “some time yet”.