Lower personal loan rates could aid debt solutions

21/01/2010

More people may find debt solutions easier after it was revealed that personal loan rates are beginning to fall.

Figures from price comparison site moneysupermarket.com revealed that the average rate of the top-ten £7,500 loans had fallen to 8.35 per cent.

This is the lowest figure since the Bank of England's decision to cut the base rate to 0.5 per cent ten months ago.

Head of loans and debt at moneysupermarket.com Tim Moss said that the tide appears to be turning in the personal loans market.

"It has been a long time since there was much good news to talk about in the loans market, but the recent moves suggest lenders are willing to open their purse strings just a little wider," he commented.

Mr Moss went on to say that those in need of debt help may now be able to turn to personal loans once more because of their affordability.

Yesterday, the website called for a "fairer deal" on credit cards and one that allowed credit card customers to pay off their most expensive debt first.

Tags; Income Worries and Debt,

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