According to the Halifax, UK consumers are getting far more savvy when it comes to debt consolidation loans and using all available resources to locate the best deals.
The start of the year is traditionally the time that most people begin to sort out their finances, with 2008 being no different and consumers flocking to improve their deals on a range of products.
Debt consolidation is particularly popular in the wake of Christmas debt with numerous credit and store cards that need paying off before excessive interest can take hold.
Neil Chandler, head of Halifax unsecured loans commented, "For many people, the start of the year is a time to get personal finances in order and transfer debt from more expensive products such as store cards or other loans."
A debt consolidation loan is an excellent method of cleaning up that credit card debt you've taken over from last year and a structured repayment plan will see your arrears disappear much quicker.