Consolidation Loans are widely advertised in the media and appear to be an attractive way of dealing with your debts by transferring them into one loan. Consolidating your existing debts into one smaller monthly repayment can sometimes put an end to the stress inducing demands made by your current creditors. If used properly these loans can help you get debt free faster but there can be disadvantages for some people, particularly if they already have a poor credit rating.

When Debt Consolidation Loans Can Be The Solution:

  • When you are paying high interest rates on existing debts and you can get a cheaper alternative.
  • When you need to reduce your monthly payments due to other demands.

When Debt Consolidation Loans Are Not The Answer:

  • When you have already consolidated debts several times in the past.
  • If this consolidation loan will include debt from previous consolidation loans.
  • If you intend to move debts from credit cards and store cards so that you can use them again.

If you feel that a debt consolidation loan is right for you or if you are unsure then contact us for a free personal review.

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and one of our advisers will be happy to discuss your personal circumstances with you.

 

Think carefully before securing debts against your home. Your home may be at risk if you do not keep up repayments on a mortgage or secured loan

 

 © > DAS The Debt Advisory Service (Scotland) Ltd 2006.