Debt consolidation ‘can work’
People worried about their ability to meet their credit commitments were today advised that a debt consolidation loan could help them.
The recommendation came from Sean Gardner of MoneyExpert.com after a survey by the personal finance website found 36 per cent of borrowers are concerned about their debts.
It also discovered that over a quarter of UK adults have seen their personal debt rise in the past three months, as many people struggle to cope with the impact of higher interest rates.
Mr Gardner said there are a number of effective ways of easing debt problems and suggested that anyone concerned about their financial situation should take action before having to cope with the added expense of Christmas.
"Whether you need to consolidate your debts with a loan or just juggle your borrowing onto cheaper products, the important thing is to work out a repayment plan and not bury your head in the sand," he explained.
His advice echoes that of Robin Amlot, senior editor of price comparison website Moneyextra.com, who recently said taking out a debt consolidation loan as a financial management tool makes "a great deal of sense".
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