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02 March 2006
Low rates of interest mean that consumers can get themselves a good deal on loans at the moment.
The UK has enjoyed a sustained period of economic stability with interest rates remaining at a relatively low level.
As a result, lenders are able to offer competitive rates to consumers keen to get their hands on credit.
The post-Christmas period is often when people look to avoid bad credit with new loans to help cover their festive spending.
"The amount of borrowing and the variety of what they are borrowing has gone up," noted Tracy North of the high street lender, Abbey.
"Loan rates are very low at the moment."
The Bank of England's monetary policy committee meets next week for its monthly interest rate decision. At its meeting in February the committee voted to leave rates on hold at 4.5 per cent.
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