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2m get loans to pay debt
20 February 2008
Growing numbers of people are taking out loans in order to pay back other debts, new figures revealed.
In the aftermath of Christmas, during which credit and debit card spending reached record levels, consumers have turned to other loans to repay credit card bills.
Between October and December, consumers spent a total of £32.4 billion on credit cards, according to the Association of Payment Clearing Services.
Since then, 2.03 million have increased the amount they owe by at least a fifth, often to keep up with credit card payments.
As a result, one in three borrowers say they are 'concerned' or 'very concerned' about their ability to pay off debts.
Chief executive Sean Gardner of MoneyExpert.com said: "Anyone struggling to keep on top of their debts is heading for serious trouble if they do not take action now. The important thing is to work out a repayment plan and not bury your head in the sand."
