Surge in people searching for debt consolidation loans
Just over a fifth of debt consolidation loan searches on Experian relate to people aged in their 30s.
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Your support makes all the difference.Searches for debt consolidation loans jumped by 29% in January compared to the same month last year, according to credit information company Experian.
The increase in searches on Experian’s marketplace suggests some people are looking for ways to make their debt repayments more affordable and/or simplify their repayments by bringing their debts together.
Just over a fifth (21%) of debt consolidation loan searches on Experian relate to people in their 30s.
It also recorded jumps in people in their 40s and 50s looking for such loans.
James Jones, head of consumer affairs at Experian, said: “Our data suggests that people are looking at ways to take control of their finances and ease the squeeze on their purse strings.
Those aged 40 to 60 in particular are increasingly searching for debt consolidation products
“Those aged 40 to 60 in particular are increasingly searching for debt consolidation products.
“They often have families or dependants and are looking for ways to better manage their money by switching to products with a simplified payment plan and lower interest rate.”
Mr Jones suggested 0% interest balance transfer cards can be a good option for people looking to make more affordable repayments.
He said: “People can reduce the amount they spend on interest by switching debts from existing cards. While there’s often a fee associated with the switch, you won’t need to pay interest for a set period, potentially as long as two years, meaning every penny goes towards lessening what you owe.
“If you’re struggling to repay credit or other bills, we recommend contacting a free debt advice service such as National Debtline, Citizens Advice or StepChange. The sooner you seek help the better, and talking to a debt adviser will not affect your credit score.”