Interest rates lowered on personal loans
Two of the major providers of personal loans have lowered their interest rates in an attempt to attract more customers.
A total of ten personal loan providers now charge six per cent or less interest on personal loans, news that will be welcomed by borrowing consumers.
Abbey and Northern Rock have both dropped rates down to 5.7 per cent and 5.6 per cent respectively, fuelling the rate reducing industry 'war', and making it easier for people with loans to pay off their debts.
Abbey said that it was 'keen' to offer customers a good deal, even those who are not borrowing huge amounts of money, and other experts also claimed that now is an excellent time to borrow.
'If consumers are looking to borrow, apply for a loan, or consolidate debts, now is the time to do it cheaply,' advised Stuart Glendinning, director of personal loans at price comparison website moneysupermarket.com.
He did warn consumers, however, that the improved rates might not be available to all customers, namely those with a bad credit history. | 
