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Personal loans 'dominate British debt'
Consumers continue to rely on personal loans to meet their financial needs, new figures have suggested.
The Consumer Credit Counselling Service's (CCCS's) new yearbook has revealed that such loans account for 39 per cent of debt in the UK, which is lower than the 46.3 per cent accounted for by credit cards.
It also highlighted that homeowners tend to owe almost twice as much as renters, while 56.9 per cent of consumers own less than £20,000.
Malcolm Hurlston, chairman of the CCCS, urged anyone struggling with debt issues to consider approaching the organisation rather than fall into the trap of paying excessive fees to a company.
He added: "We have vast capacity on the internet and we have geared up to offer more telephone capacity too this year."
Loansandcredit.com recently suggested that personal loans can be useful for consolidating debts.
The site also said the products can be used to finance holidays, weddings or luxury items.