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Debt - Debt Help UK recommends consolidation loans - 04/01/2008
Consolidation of money owed into a single loan can be "very effective", Debt Help UK said yesterday.

However, the advice service added that it is not always a good idea for customers to borrow money to sort out debts.

According to research conducted recently by uSwitch, the average British household could save £605 over three years by undertaking debt consolidation.

Director of Debt Help UK Ian Wrenshall commented: "A consolidation loan is acceptable because you are going to consolidate several expensive credit card loans to a better interest rate and therefore a lower monthly commitment - you are confident that the loan repayments are affordable."

He added: "The downside [to debt consolidation] is that it isn't necessarily a good idea to borrow money to get out of debt, and sometimes we fail to recognise that a consolidation loan might be the straw that ultimately breaks the camel's back."

Around three million householders have already taken out a consolidation loan.

Debt help UK provides practical advice and affordable solutions to those UK consumers who are struggling with their debts.
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