Debt Consolidation Loans


Have you accumulated a number of different loans at comparatively high rates of interest?  Is just paying the interest on these loans a problem - do you feel you are running to keep still?  Maybe a Debt Consolidation Loan would help.

What is a Debt Consolidation Loan?  In today's society, credit is all too readily available.  We're encouraged to borrow more and more in order to have today what we can't afford until tomorrow - if ever.  Many of us accumulate a number of "small", "short term" loans - credit cards, store cards, bank loans and overdrafts, hire purchase deals, etc.  Often these loans are at a high rate of interest.

A Debt Consolidation Loan is a single loan designed to allow all the other loans to be paid off.  Because the larger Debt Consolidation Loan is at a lower interest rate, it enables you to pay off more of what you owe from the same (or even reduced) regular repayments.

Benefits of a Debt Consolidation Loan:

  • By reducing the interest rate you pay, and possibly increasing the term of your loans, you may increase your regular disposable income (what you are able to spend) while still paying off your debts.

  • If you cannot afford to pay even the interest on all of your existing loans, a Debt Consolidation Loan may be your only means of "keeping your head above water" - allowing you to manage your regular income and establish a budget that enables you to reduce your debts.

  • Obtaining a sum of money that allows you to pay off all of you existing loans may improve your credit rating - although be careful - if you fail to meet the payments on the new loan, or take too much advantage in an improved credit rating, thing could go from bad to worse.

What to look out for:

  • There may be fees associated with setting up a Debt Consolidation Loan or using it to pay off some of your existing loans early - you will need to take these into account.

  • Once you have cleared all your existing short term debts do not be tempted to start again!  If your debts have accumulated because your life style is more than you can afford, you must fix this problem.  Either you must change your spending habits so that you are living within your means, or you must increase your income - maybe an additional job would help to provide more income and less opportunity to spend.

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Finding the best Debt Consolidation Loan.  Debt Consolidation loans are available for tenants and homeowners for a variety of purposes.  The market is very competitive and the best rates available to you may depend upon your personal circumstances.  The more evidence that you can provide that the lender accepts as indicating  that you are a "lower risk", the more likely you are to obtain a lower interest rate.  Compare a number of loan suppliers (online links will allow you to get quick quotes before you make any commitments) to find the best deal for you.

Use online loan calculators to check that you can afford the repayments - if you borrow more than you can afford to pay back, then your credit rating will only get worse.

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