What is a debt consolidation loan?

If you are having difficulty meeting the monthly repayments on your existing debts, loans store and credit cards etc then a debt consolidation loan could be the answer.

Work out how much your existing borrowing is costing you monthly and how much in total it would cost you to pay off those debts. Once you have those figures you could then find out how much one new loan (a debt consolidation loan) to cover all your existing debts would cost. Paying off your existing borrowing and transferring all your loans, debts and credit cards into one debt consolidation loan could help you to reduce your monthly outgoings.

Your new debt consolidation loan could have a lower interest rate than your exiting borrowing especially if your debts are with store cards or credit cards that have high interest rates, or the new loan could possibly be taken out over a longer period. By spreading out the term of the loan you could be able to reduce your monthly payments to a more manageable level. Of course taking short term debt and transferring it into a long term loan will mean you pay more interest over the term but it may make your monthly payments more easy to manage now.

Most personal loans can be used as debt consolidation loans, if you have a good credit history then you may be able to obtain an unsecured personal loan to use for debt consolidation purposes. If however you have a bad credit history or large debts then a lender may only consider offering you a secured loan.

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THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT

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