Indebted Brits urged to consolidate

British consumers who have accumulated significant amounts of debt over the festive season have been urged to consider ways to consolidate their arrears.

Alliance & Leicester suggests that by securing a low-cost debt consolidation loan, some of the UK’s millions of indebted consumers could avoid ongoing debt management agony.

The financial services firm maintains that its own unsecured loans can offer a competitive way for people with store card credit to find a debt solution quickly in the new year.

Samantha Owens from price comparison firm Moneyfacts said: “The new year is a great time to remedy any financial hangover you may be suffering from 2007.

“Store cards are undoubtedly some of the highest rates your will find. If you do find yourself with a debt hanging around your neck, then a personal loan may be a good solution.”

A recent report from the credit reference firm Callcredit insisted that more and more of the UK’s over-55s are struggling to become debt free.