Consumers Choosing Short-Term Savings by Consolidating Debt

LONDON, March 23, 2012 /PRNewswire/ --

In an effort to tackle their personal debt, many consumers are choosing to consolidate debt into a single personal loan, with the objective of saving money in the long term and making repayments simpler. As a result, some of these consumers are visiting price comparison websites, such as comparethemarket.com, to ensure they find the best loan deals.

The current economic climate has left many consumers struggling with personal debt from a number of sources. With credit card bills, hire purchase agreements and overdrafts, the cost of servicing debt can really mount up. By seeking a personal loan to consolidate these debts, consumers are able to make repayment easier and may be able to lower their total interest payments in the long term.

However, to do this effectively, it is important for consumers to find a personal loan with the best possible rate of interest and that best suits their individual circumstances. comparethemarket.com, one of the leading price comparison sites, offers a simple, easy-to-use comparison service, which shows rates and repayment amounts at a glance.

Simon McCulloch, Director of Money at comparethemarket.com, said: "If people are choosing to consolidate their debts with a single loan, it is worth taking the time to find a good deal. Our customers have found comparethemarket.com's loan comparison service extremely useful when searching for the right personal loan. We've introduced sliders to our loans comparison service to help consumers adjust the search results to their own requirements, allowing them to quickly compare information such as provider, representative APR and monthly repayments. Since doing so we've seen many more people using the site to search for loans, and customer feedback has been very positive."

Specialising in more than just car insurance, comparethemarket.com provides customers with an easy way to find the right deal on a wide range of insurance and financial products including home insurance, van insurance, bike insurance, life insurance, pet insurance and credit cards.  It also offers comparisons for a range of household utilities including electricity, gas, phone, broadband and digital TV.

About comparethemarket.com

• comparethemarket.com was launched in 2006 and has grown rapidly over the past six years to become one of the UK's leading price comparison websites.  
• comparethemarket.com provides customers with an easy way to make the right choice for them on a wide range of products including motor, home, life, travel and pet insurance as well as utilities and money products such as, credit cards and loans.
• comparethemarket.com actively selects its brand partners, working with the best and most trusted organisations to ensure quality service to consumers.

comparethemarket.com is a trading name of BISL Limited.  BISL Limited is authorised and regulated by the Financial Services Authority.

Registered Address: Pegasus House, Bakewell Road, Orton Southgate, Peterborough, PE2 6YS. Registered in England number 3231094.