January is the most popular month in the year for consumers to take out an unsecured personal loan, claims one financial expert.
Findings from Halifax reveal that, compared with other months, almost double the number of loans are taken out during the first few weeks of the year.
According to Halifax, the percentage of loans taken out for debt consolidation also increases during January.
Neil Chandler, head of Halifax Unsecured Personal Loans, said: “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.”
The research showed that men are more likely to apply for a debt consolidation loan than women regardless of the time of year.
Consumers aged between 20 and 29 years old are the most likely to take a loan for debt consolidation purposes closely followed by those aged 30-39 years old.
Meanwhile, Halifax is working with Experian in an attempt to re-unite customers with funds held in dormant banking and saving accounts.
At the start of the campaign, in March 2007, 110,000 accounts were identified as being dormant.
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