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However, if misused, consolidation can make bad debt even more difficult to manage.
This article explains how (and when) to consolidate your debt.
It allows us to use your personal circumstances to see your eligibility for loans – but this is not a guarantee of acceptance and should be used as a guide only.
Money Super Market is a credit broker – this means we’ll show you products offered by lenders.
We never take a fee from customers for this broking service.
Instead we are usually paid a fee by the lenders – though the size of that payment doesn’t affect how we show products to customers.
A secured loan is when the debt is held against an asset (usually property) – think carefully before securing other debts against your home because your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it.Rather than making lots of separate payments to different lenders every month, you’ll only have to pay your consolidation loan provider.With each separate existing loan you look to pay off with your consolidation loan, check whether there are any early repayment charges – and, if so, factor them into your calculations.When consolidating debts, work out how big a loan you will need and check the interest rate, as rates are usually tiered depending on how much you borrow.As a general rule, rates are lower the more you borrow, but don’t forget the golden rule: never borrow more than you can afford to repay.
Interestingly, people who are 75 require the second lowest loan amounts, possibly due to the long-term financial assets that many older people have.