The start of a new year is always the time when we most think about getting things in order, particularly our finances. (Although, if you’re anything like me, you’ll still be getting around to ‘actioning’ those positive decisions you made at the start of 2008!) This trend is supported by research, recently carried out by Halifax Unsecured Personal Loans, which shows that January is the month in which the most unsecured personal loans are taken out.
The uptake of debt consolidation is also higher in January – the most popular month for this particular kind of loan
The head of Halifax Unsecured Personal Loans, Neil Chandler, is reported as saying, “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. Our research shows that this is certainly the case, with the number of loans taken out for debt consolidation increasing.
Using an unsecured personal loan for debt consolidation means you have just one fixed monthly payment for all your debts making it easier for people to manage their finances.”
Some other interesting facts that came out of the research are that men are more likely to apply for debt consolidation than women – at any point in the year, and people aged 20-29 are most likely to seek a debt consolidation loan, with people aged 30-39 coming a close second.
The head of Halifax Unsecured Personal Loans also says, “We have seen more and more people choosing to organise their finances by either comparing or applying online. Typically, an online application takes less than 10 minutes to complete and can be done at any time of the day. This convenience and greater access to the internet means that this trend is set to continue.”
The man talks sense – an online loan application is by far the easiest and most efficient way to get a no-obligation loan quote that will best suit your individual circumstances.