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As mortgage advisers I get asked about debt consolidation, but sometimes the people asking do not have the knowledge and therefore alone they could make a huge mistake.
Debt consolidation can be a good idea, but you need to consider all options first.
It can sometimes make the financial issues even worse!
In very simple terms, debt consolidation is combining two or more debts into a single but obviously larger debt.
As a financial adviser I will discuss and advise people (you) on your options before you decide to proceed with a debt consolidation loan.
We talked about the “huge mistakes” that people make, and many do end up in a worse situation either because they have incurred large fees for no benefit or because all they have done is make the loan term longer.
Both are going to be more expensive!
There are two types of debt consolidation loans:
These are the options.
Contact me and we can discuss if debt consolidation is a good option, and then which way to arrange things.
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