5 May 2005
A group of leading financial experts has suggested that increased personal loan applications would help turnaround falling UK retail sales.
The Confederation of British Industry (CBI) released figures showing that retail sales figures have dropped at the fastest pace for 13 years.
The CBI's Distributive Trades Survey also revealed that 46 per cent of retailers reported a decline in sales for the month of April.
A lack of consumer confidence has been attributed to this decline with some institutions pointing the blame squarely at credit card suppliers who have reintroduced transfer fees on credit card balances.
Such moves by suppliers have resulted in fewer people making purchases with their credit cards, pulling the industry as a whole into decline.
Financial experts such as Graham Hollebon at More Than are now suggesting switching credit card suppliers or financial solutions to incorporating personal loans.
"Our advice is to avoid sticking your head in the sand, recognise there is a problem and take practical steps to improve the situation," said Mr Hollebon.
A secured or personal loan is a good way to ease the burden of credit card debt through consolidation, managing finances with the help of organised, affordable repayments.
Compare all UK personal loans at uSwitch.com and find the one to suit your needs.
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