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Personal loans 'ideal for cutting debt'
A leading comparison website has claimed personal loans have emerged as an ideal way for many people to cut credit card debt.
Moneysupermarket.com has claimed that the current market means it is difficult for consumers to transfer current debt on plastic to a new zero per cent balance transfer card.
Because of the problems, the website stated that a personal loan could have major benefits as an alternative for a number of reasons.
"A loan will allow you to make fixed repayments over a set period of time so is ideal for anyone looking to budget," Moneysupermarket.com outlined in a statement.
"Many new loans are only available to existing current account customers but still shop around to make sure you are getting a good deal."
Richard Napier, head of credit cards and personal loans at Nationwide, recently claimed that people looking for personal loans should consider approaching a provider that they already have a relationship with.