How to Consolidate Debt: The All-in-One Guide
By Jess Rowe
If you're looking to simplify your debt, consolidating your loans could save you money in the future.
Outside of a mortgage, many of us have more than one debt: perhaps a car loan, and one or two credit cards - each with their own interest rate. Over time this could see you paying back thousands in interest, and all at different interest rates.
Streamlining some of your debts and consolidating them into one manageable loan could reduce your total repayments and help take the stress out of managing your finances.
It's important to familiarise yourself with different loan types and their product features - understanding the world of finance can be complex so we've tried to make it easy.
Work out your expenses and plan a weekly/monthly budget to determine how much you need to borrow.Take your time and do your research. Your new loan should simplify your repayments, not make them more complicated.Compare interest rates to make sure you're getting the best deal. Compare set up costs and associated termination fees.