thursday, january 03, 2007 Britons could save £15 billion by consolidating their debts.

And with almost one in four people amassing unmanageable levels of debt, action is imperative, an expert is warning.
Research by uSwitch.com found that households could save an average £605 over three years by consolidating using best buy loans that require a single fixed payment every month.

Mike Naylor, Personal Finance Expert at uSwitch.com, warned that the credit crunch is reducing the availability of credit, making it even more important for people to closely monitor their borrowing costs and monthly interest payments.

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He continued: "An unsecured loan with a fixed monthly payment and a fixed interest rate may be a safer bet in this climate, but consolidation must be done properly. Consumers must make sure they close down other existing forms of credit to avoid the temptation to rack up these debts again - otherwise any saving will be wiped out."

According to Credit Action, total UK personal debt amounts to £1.39 trillion.

Source: http://www.saveborrowspend.co.uk/articles/news/