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You may be surprised at how much you can achieve without the help of a debt management company. Many people negotiate reduced payments with their creditors even getting them to freeze interest and charges on their accounts. If you have decided to go it alone, the following article will provide you with valuable advice on how to do this successfully.
Debt consolidation
So, what is a debt consolidation loan? You’ve heard a lot about it; that it could be the solution to your debt problems - but what exactly is involved? Is it right for you? How would you go about getting one?… the list goes on!
This section aims to answer all of your questions from a completely impartial standpoint, including the available alternatives to debt consolidation. You will also find our directory of carefully selected debt consolidation companies useful as you search for a solution to your debt problems. Only those with the best reputations and success rates have made it into the directory, so you can be confident you will be receiving free debt advice you can trust.
What is a debt consolidation loan?
Debt consolidation simply means replacing multiple loans with one new loan. If you have debts with different creditors, you can combine them into one loan using a debt consolidation loan.
What are the benefits of a debt consolidation loan?
Instead of paying several debts every month, you can consolidate those debts into one, easier to manage loan. Just imagine how much easier it would be to only think about one debt; One letter of correspondence in the post; One payment to make, instead of several. On top of that, debt consolidation loans often allow you to get a better interest rate as the multiple debts commonly paid off are high interest credit and store cards.
You can also choose to extend the payment period on a debt consolidation loan, which means lower monthly payments. Beware, of course, that extending the payment period will mean increasing the total amount of interest you pay back.
Is a debt consolidation loan right for me?
- Are you tired of making multiple payments to creditors every month?
- Do you sometimes struggle to meet the minimum payments?
- Are you paying a high interest rate on some of your debts?
- Would you like to reduce the amount you pay on your debts each month?
If you answered yes to any of the above questions, a debt consolidation loan may be the right solution for you. If you are not sure about debt consolidation, visit the 'Solutions to debt' section of this website for a list of alternative solutions..
What to do now
If you would like more information on debt consolidation loans and other related topics, use some of the helpful links below. Alternatively, visit our comprehensive directory for a list of companies offering debt consolidation loans.
Helpful debt consolidation loan links
Types of debt consolidation loans
Can I get a debt consolidation loan with bad credit?
Getting the best debt consolidation loan
Debt consolidation alternatives
Remember, Debt Advice 4 Free is a completely free, impartial service. Although the information on this website is provided by industry experts, it should never replace the advice of a debt adviser who understands your individual circumstances. You can visit the directory section of this website to find a list of companies offering these services.
What is debt consolidation?
Debt consolidation simply means replacing multiple loans with one new loan. If you have debts with different creditors, you can combine them into one loan using a debt consolidation loan.