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One missed payment becomes two and soon people are up to their ears in issues.All the credit card balances are at their limits and additional items are being purchased on payment plans.By this point, the credit score is affected and the consumer has no idea how to improve the financial situation.
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If you have outstanding debts such as credit cards, store cards, personal loans or a large overdraft, a debt consolidation mortgage could help you straighten out your personal finances by consolidating all your debt into one manageble monthly repayment.
This could also reduce the amount you pay towards your debts each month, although it could also increase the total interest to be paid.
The best way to handle the situation is to take action.
Debt consolidation help comes in the form of counseling and debt consolidation loans.
We are a nation of debtors, Britain owes over £1 trillion.
But rather than trying to pay off the minimum amount for each debt, a debt consolidation loan could reduce your debt to one manageable monthly payment.
You will still have to pay back all the monies owed, but with loan consolidation you may be able to reduce your monthly outgoings, pay a lower rate of interest, or be able to spread the costs out over a longer time period.
If you are careful about managing your spending, debt consolidation loans can help by: You may find yourself getting into debt for a longer period than needed, so it ‘s important to weigh up all the alternatives you could take to reduce your debts or help pay off your existing ones.
There are several types of loans that can be used for consolidation.