Citizen’s Advice reports on rising debt issues

Officials from Citizen’s Advice Scotland have recently commented on the rising issues relating to debt amongst consumers that are contacting the service. Read more

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December saw loans increase

December saw a “substantial increase” in the number of people applying for a loan.

That is according to Elephant Loans & Mortgages, which says one major factor is the increased indebtedness of consumers, reports AFX News.

The Christmas and New Year period is traditionally a busy time for borrowing, as many people seek to cover the increased costs associated with the holiday season.

January and February are two months which usually see increased lending and the sales distribution channel for lenders is anticipating “significantly more enquiries” over that period.

“December’s level of activity reflects the growing debt problems in the UK,” said chief executive Gary Miller-Cheevers.

“Following the busy Christmas period, we expect to see significantly increased enquiries in 2007, as consumers seek to manage their debt more effectively.”

Consumers in the UK have recently been warned that they should borrow sensibly in the aftermath of the festive period.

Debt advice firm Thomas Charles called for people to ensure that they only borrow as much as they can reasonably afford to pay back.

Tags: lenders, Gary Miller-Cheevers, distribution channel, New Year's Day, period."December's level