Younger Consumers More Apt to Choose Debt Consolidation Loans

Posted 2008-02-12

According to new research from Halifax, younger consumers, in the 20-29 year old age group, are the most likely consumers to opt for a debt consolidation loan. Debt consolidation loans are the second most frequent option for the 30-39 year old age group. Halifax’s research further shows that men are more likely than women to take out a debt consolidation loan.
Whether due to New Year’s resolutions or not, more loans are taken out in January than in any other month of the year. In fact, January loan totals nearly double the average loan amount taken out in some other months.
Neil Chandler, head of Halifax Unsecured Personal Loans, explains that, “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.”
For consumers who have loans, the Consumer Credit Counselling Service advises they share loan information with family members and friends.

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