Debt Consolidation
Mortgages, personal loans, credit cards and HP agreements
are usually very easy to get hold of by the majority of
people, added together they can add up to a great deal.
Sometimes it might be worth consolidating your debts.
If you choose to go down the consolidation route to convert
all your loans into one single payment each month could make
your debt burden lighter, however the amount of time that
you are repaying the debt will be increased.
One of the easiest ways to consolidate a debt is to take
some of the equity of out your property. If you owe a lot
less on your house than the actual market value of the house
then approach your mortgage company for advice.
Personal loans usually have a lower interest rate than most
credit cards. It makes sense to pay off your credit cards
off with a single loan at a lower interest rate.
Using companies that advertise on television or radio about
their services of loan consolidation may not be the most
cost efficient way of consolidating your loan. First they
will charge you for the service, over the term of the loan
this cost can be very high. Usually the loan that they
arrange is secured against the value of your home. If you
cannot keep up the repayments of the consolidation loan then
you risk losing the home you live in.
Perhaps the best advice would be to visit an independent
advice service such as the citizen advice bureau. They will
help you decide on the priority of the debts that should be
tackled first and will offer information on how to approach
the credit card companies so things do not get any worse.
To prevent your debts becoming higher, get rid of credit
cards by shredding them, and only rely on debit cards or
cash.
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