20% of UK Struggle to Manage Debt Caused by Mis-leading Loan Companies

FOR IMMEDIATE RELEASE
(Free-Press-Release.com) January 18, 2012 -- As 2012 gets into full swing and Brits look forward to the future, many of us will be turning to free debt advice services, possible because of the many loan sites that are giving misleading information.

The European Commission found 38 out of 47 loan sites were giving the wrong information, this is not only a consequence for the customer , but it also means that these particular loan sites could actually be fined for this. This could be the reason for the 1.5 million Brits who sought excessive borrowing in 2011 in comparison to the previous year.

This survey was carried out by the University of Nottingham, on behalf of the Money Advice Trust. The survey goes onto predict that there will be a high peak in demand for the first half of 2012, this is most likely to be because of a rise in unemployment and the modest income.

Sam Senton, founder of http://www.comparelogbookloans.co.uk went onto say, “News like this just highlights how much of a lasting impact the recession can have on your finances. If people thought 2011 was a difficult year, they may be surprised by 2012.”
“There are more choices available now then there was a few years ago, and that’s important in economic times such as this. The internet is a great way to weigh out your options when looking for a loan or any financial advice.”

In times like this it can be hard not to give into these loan companies, that offer you credit when you’re desperate. Brits need to make use of the resources available online, such as tips and advice when looking for a loan, or even just to help when you’ve already taken out a loan.

Compare Logbook Loans.co.uk, an independent financial comparison website is the only site In the UK dedicated entirely to logbook loans and endeavours to be the authority site for the industry.