12 September 2006
Whether it is a good time to be borrowing depends very much on your individual circumstance, according to Halifax.
Group spokesman Alex Barnett has been speaking about some of the important issues surrounding personal loans and personal pricing including what time constitutes a good time to borrow.
He said: "It is a question of affordability as opposed to whether it is a good time to be borrowing or not. The way that most banks now calculate loans is now based on a range of factors such as the ability to actually repay the debt.
"So it is not whether it is a good time or bad time, it is a question of individual circumstance."
When asked about how price comparison websites have affected the personal loan market Mr Barnett said they have had a positive influence.
He said: "A lot of people use them for shopping around. Lots of people now go online to buy a financial product. They are a good thing – they are a one stop click."
Make a personal loan comparison with uSwitch.com and find the personal loan best suited to your needs.
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