Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk.
Representative Example: Amount of credit: £550 for 7 months at £122.43 per month. Total repayment of £857.02. Interest: £307.02. Interest rate: 150% pa (fixed). 313.1% APR Representative.
When a person has accumulated a number of debts from a variety of sources, debt consolidation can be achieved by taking out a loan to pay off all existing debts. That leaves just one debt to pay off — the loan they just took out.
Before someone consolidates their debt with one loan, they should consider a few things:
Debt consolidation loans can offer people the breathing room they need to get out of debt and organise their finances if they are completely committed to it. It can stop the hassle of juggling bills and worrying about how to make multiple payments of varying amounts each month. They just should do the math to be sure it's a good choice.
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