‘January rush’ for debt consolidation

January saw a rush among British consumers to secure a good deal on a debt consolidation loan, according to a report from Halifax.

The financial services firm has claimed that the first month of the year is by far the most popular in the UK when it comes to taking out an unsecured personal loan with the ultimate aim of becoming debt free.

In fact, Halifax claims that while unsecured loans for any purpose are more commonly taken out in January than other months, debt consolidation loan deals are almost twice as popular during this period than at other times of year.

Recent research carried out on Halifax’s behalf also found that British men are generally more likely to resort to an unsecured personal loans as a method of debt solution than their female counterparts.

“For many people, the start of the year is a time to get personal finances in order – transferring debt from more expensive products such as store cards or other loans,” explained Neil Chandler, head of unsecured personal loans at Halifax.

A recent report from Abbey suggested that women in the UK are more likely than men to find themselves in need of debt help.