Consoldating debt updating a new englander style home

24 Feb

At the same time debt consolidation could leave you in debt for longer and you could end up paying more interest overall, because the interest has more time to grow over a longer repayment period.

Also, consolidating debts with a secured loan or mortgage does mean you risk repossession if you cannot keep up with the repayments.

If you have more than one overdraft, debt consolidation could clear all of them and leave you with one monthly payment instead.

It simply depends on your current financial situation.

If you are trying to decide whether or not debt consolidation can help you save money, you should contact a financial professional who can help you crunch the numbers.

A debt consolidation loan is not suitable for people with financial problems, because it doesn't address the cause of the problem.

If you're really struggling, another solution such as a debt management plan may be more appropriate.