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Debt consolidation 'to prove popular in early 2010'
Debt consolidation loans will become more popular with Brits in the coming weeks as people try and cope with their financial hangover from Christmas, according to Nationwide.
The bank stated that in January last year 60 per cent of the loans it issued were for debt consolidation and it expects to see this trend repeated in the coming months.
Richard Napier, head of personal loans at the firm, said that debt consolidation can provide a useful way for people to manage their debts.
"With Christmas over, some people will be thinking about how they had spent too much money over the festive period. For some, this will simply mean tightening their belts for a while and cutting back on a few luxuries."
"But for those already in debt, the New Year can signal greater money worries," he stated, adding that this stress can be greater if debts are spread across a variety of store and credit cards.
Recent research by Santander revealed that around 4.5 million Britons are expected to transfer their credit card loans in the first three months of 2010.