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Debt Consolidation Loans - 2007/05/08 20:33
Debt consolidation is the process of grouping a number of outstanding debts into one affordable monthly repayment. For example, if you have a credit card debt of £1000, a store card of £500 and an existing loan of £2500, these could all be consolidated into one loan with a lower interest rate and/or lower monthly repayments from a longer repayment term.
Often some or all of your debts are based on uncompetitive interest rates – particularly when borrowing on store cards or even car finance from a garage. One competitive loan from ourselves can be used to repay all of your collective debts, leaving you with one low interest payment. Moving those high-interest rate loans to a more competitve rate is where consolidation could save you money, as well as make managing your debt easier.
Normally, people turn to consolidation loans when they are finding it difficult to meet the repayments on their current debts, however you do not need to be struggling to benefit from these. If you were to add up all of the debts you do have, from credit cards to hire-purchase, you may be surprised at what this comes out as. Moving these debts to a lower interest loan can save you money.
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