UK consumers looking to reduce debts, finds Bradford & Bingley

12 January 2005
A third of the population vowed to reduce their debts in the New Year, Bradford & Bingley has revealed.

48 per cent of UK residents also want to reduce their spending.

"It's encouraging that many borrowers are starting the New Year with such good intentions and are working towards a healthier bank balance," said Michael Senior, head of personal lending for Bradford & Bingley.

To help them attain their goals, Bradford & Bingley has released five tips for a healthier financial future.

Bradford & Bingley advises consumers to consolidate store cards, credit cards and overdrafts into one personal loan; to keep an eye on when any introductory zero per cent credit card deals end; to save surplus money made by consolidating or paying off debts to provide for future needs; to find out if it is cheaper to remortgage to a better deal; and to consult with a financial advisor to help budget and plan finances for the year ahead.

"By focusing on your finances in the New Year and making simple changes where you can - wrapping up existing debts into one personal loan, switching to a more competitive credit card or remortgaging - you will be able reduce your debts and release extra cash," Mr Senior concluded.

To read more about consolidation loans, click here.
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