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Debt consolidation `could save households 605 pounds in 3 years`

02/01/2008

Households in the UK could save themselves £605 over three years by taking out debt consolidation loans, according to new research.

Price comparison site uSwitch found that 9.5 million people in the UK have `maxed out` on one or more forms of credit over the past six months, with many racking up unmanageable debts in the process.

According to the website`s calculations, the average household in the nation owes £4,280, meaning debt consolidation is one option that may be advisable for many.

"Anyone with multiple debts and a poor credit history could be vulnerable to the impact of the credit crunch and should seriously consider consolidation while the option is still available," recommended Mike Naylor, personal finance expert at uSwitch.com.

In addition to turning to lenders, many people in the UK turn to family and friends when in need of a loan, research from PayPal shows.

According to the online payment service, the average person in Britain is owed £898.52 by loved ones.

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