Help consolidating debt

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You should get free debt advice before you consider taking out a secured debt consolidation loan, as they’ll not be right for everyone and you could just be storing up trouble or putting off the inevitable.Before you choose a debt consolidation loan think about anything that might happen in the future which could stop you keeping up with repayments.Paying off more than one debt at a time is not uncommon.But if you’re struggling to balance your debt repayments, debt consolidation may well be worth considering.If you have three different credit cards with debts of, for example, ,000, ,000 and ,500, you’re likely to also have three different interest rates and to be making three different repayments at different times each month.

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You’ll pay fixed, monthly installments to the lender for a set time period, typically two to five years.With a personal loan you’ll have just one repayment to make every week, fortnight or month over a set term – you can usually choose your own frequency of repayments.And if the interest rate on the personal loan is lower than your credit card rates – and they often can be – this can help you get ahead in reducing your overall debt.Simply put, it brings a number of debts into one easy payment.It makes sense that it would be easier to deal with one debt instead of many.

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