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Secured loans market to grow `as debt consolidation increases`

19/10/2007

The UK`s secured personal loans market is set to increase by up to 50 per cent over the next four years, new research shows.

Growth in the demand for such loans is predicted to rise from £7.5 billion this year to £10.2 billion in 2011 due to a growth in the amount of people using loans for debt consolidation, a study by Datamonitor suggests.

The increase in personal debts, which have reached record levels in the UK, is likely for the predicted rise in the popularity of personal loans. Despite recent financial crises, the market is still likely to grow at a rapid rate.

Datamonitor analyst Maya Imberg said: "The US sub-prime mortgage crisis and global credit crunch will affect the market in the short term. However the UK secured personal loans market continues to portray an encouraging future in the long term."

According to figures from Credit Action the total UK personal debt increased by 9.9 per cent in the year to the end of August 2007.

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