September 12, 2008
Marks and Spencer launches personal loan product
With the credit crunch still continuing to bite, M&S Money have announced that they will offer a cashback on all personal loan products that are taken out for a 3 year period or more.
The cashback deal allows customers to receive a 25% refund ,on all the interest they have paid, once the loan has been fully repaid. The offer is only available between now and the end of October.
Meanwhile, accountancy firm, Grant Thornton, has reported that the UK’s personal debt levels have exceeded the national income for the second year in a row. The company also found that most consumer debt can be attributed to personal loans, secured loans, mortgages and credit cards. Britons are now said to owe a total of £1,444 billion. A spokesperson for Grant Thornton stated that if the economy and housing sector continued in their current downward spirals there will be an increase in the levels of personal bankruptcy cases.