Loansmart has just released the numbers behind its debt consolidation loans, showing that borrowing is on the rise. During the past year, the average consolidation loan increased by $5,000, and the number of loans consolidated increased from 2-5 to 3-7. The average debt consolidation loan at Loansmart is now $20,000, and it’s only expected to rise. This highlights the challenging financial situation some households are currently facing.
Murray Greig, Managing Director of Loansmart, says his team is doing more and more debt consolidation as the cost of living starts to impact people. And certainly, people are needing to borrow more. The goal of debt consolidation is to make re…
Read the full article at: https://www.scoop.co.nz/stories/BU2301/S00189/loansmart-the-average-size-of-debt-consolidation-loans-increased-by-5000.htm