Brits could soften the blow of Christmas spending by consolidating their debt into one low-rate loan, says Alliance & Leicester.

The loan provider says borrowers could save over £1,000 by combining their debt in the form of a loan.

Claire Alvey, personal loans manager at Alliance & Leicester, said: “With many millions of pounds spent on the high street in the run-up to Christmas, shoppers will need to look at their finances and consider the different ways they can save money.

“Debt consolidation is a sensible way of borrowing for anyone who has debt spread across more expensive store cards, credit cards or point-of-sale finance deals.”

Alliance & Leicester says a third of people expect to borrow money to pay for Christmas, but do not plan on re-arranging their finances in the New Year to make paying off their debts easier.

More information on Alliance & Leicester loans can be found on their website.

To read more about Consolidation Loans, click here.

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