How does debt consolidation work?
Are you one of the many who have accumulated debt, but are unsure where to start in sorting it out?
At the end of 2020 it was reported that UK males have an average of £11,581 debt, and women have an average debt of £7,016 which they will carry over into 2021.***
Debt consolidation can help you combine debts into one manageable loan. Some people find it easier to concentrate on clearing one single debt rather than having to keep track of lots of different repayments.
If you’ve been struggling with your finances for a while and you are worried about how to repay a lot of different creditors, it may be easier to combine all your debt into a single place.
Rather than trying to pay off the minimum amount for each debt each month, a secured loan could reduce your debt to one manageable monthly payment.