Loans keep consumers’ lives ‘going’

Having access to secured personal loans and other forms of borrowing is crucial for consumers, a financial expert has claimed.

According to Derek Oakley, insolvency director for Debt Free Direct, placing restrictions on borrowing could have a negative impact for many Britons.

He said: "For most people, it’s what keeps their lives going.

"It helps them, it allows them to do things they wouldn’t otherwise be allowed to do."

Mr Oakley added that the majority of Britons are able to take out loans and make regular repayments "without a huge amount of difficulty".

Earlier this month, spokesperson for the Financial Leasing Association, Helen Saxon claimed that taking out a debt consolidation loan can be a "positive move" for Britons looking to manage their finances.

According to financial charity Credit Action consumers borrow £360 million every day, mainly through secured loans.

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