Tuesday, June 29, 2010
Category:
Consolidation
According to the Bank of England, there was a £1.5 billion increase in total net lending to individuals in May. The twelve month growth rate reportedly increased from 0.8 percent in May to 0.9 percent.
In relation to total net lending secured on dwellings, a £1.2 billion rise was revealed. This represents a stronger figure than in April at £1.0 billion, but is down on the previous six month average of £1.3 billion. The twelve month growth rate reportedly rose to 1.1 percent.
It has also been reported that consumer credit increased by £0.3 billion in May. In contrast, the previous six month average stood at £0.1 billion, whilst a decline of £0.1 billion was recorded in April. Meanwhile, credit card lending was found to have risen by £0.1 billion, and ‘other loans and advances’ rose by £0.2 billion.
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Homeowners who are currently juggling multiple debt repayments each month could consider tying these existing commitments up with a secured loan. One of many finance options available, a secured loan for debt
consolidation could leave borrowers with just one monthly repayment. What’s more, this new monthly repayment could even be lower than the sum of current outgoings. However, if opting for a secured loan to consolidate debt, it should be remembered that consolidating your debt may increase the amount you pay back overall and extend the repayment periods of your debts.
