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What is Debt Consolidation?

Debt Consolidation | Guide

Debt consolidation could help you repay your debts by combining them into just one regular payment, which could be at a reduced rate and/or over a longer period of time.

You’ll combine your multiple existing debts into one manageable monthly payment, rather than having to make individual payments to each of your lenders each month, and it could reduce the amount you pay each month too.

It’s important to remember that if you choose to pay back what you owe over a longer time period, this may mean you’ll be paying interest for longer and you could therefore end up paying more in the long run.

Debt consolidation can be useful in some situations, however, if you’re already struggling with your finances, taking out further credit may not be the best option and another solution may be more suitable, which doesn’t involve additional borrowing.

Speak to an expert advisor who’ll be able to listen to your situation and understand your circumstances to see if making one regular affordable payment into a debt solution is the right solution for you.

Next: What are the different debt solutions that are available?

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