A debt consolidation loan may be the ideal debt solution to help you manage your debts.
We understand that you may be paying so many different repayments to so many creditors that your debts are difficult to manage. Debt consolidation allows you to reduce multiple monthly repayments into one single amount, possibly with a lower interest rate.
With debt consolidation, you take out a loan, large enough to pay off all your existing creditors, and then from there, you make a single monthly repayment to the company you took the loan with.
Restructuring your debts with a debt consolidation loan can mean you have more financial freedom because you're not paying interest to lots of different lenders. However, you should be aware that this approach may result in an increase in the total amount you owe and/or an increase in the length of time it will take you to repay your debts.
For more information, read our questions and answers