Reducing debts are Top Priority

A survey taken by the Alliance & Leicester, who has a large personal loans division, has found that 49% of consumers are determined to pay off their debts for 2005.

Other findings were 43% wanted to increase their savings and 40% wanted to earn more money.

Of those wanting to reduce their debt, the methods mentioned were to spend less or earn more and possibly to look for a second job.

A debt consolidation loan would also be a consideration.

"People are beginning to see that by budgeting better, personal debt can be reduced considerably.

"This doesn't just mean spending less, but also paying less interest on your debts," head of personal loans at Alliance & Leicester, Andy Bayes, said.

For more details on an Alliance & Leicester personal loan