An increasing number of people in the UK are shying away from credit cards, and turning to consolidation loans in order to handle debt according to new research.
Research conducted by the British Bankers’ Association show that despite cheap credit card deals, spending has dropped by a staggering £500 million.
This turnaround may be due to the realisation of the public that credit cards yield high repayments and charges, whereas consolidation loans can be repaid at a lower rate.