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Consolidation "very effective" in reducing debt
Thu 3 Jan 2008 1pm
Taking out a personal loan for consolidation purposes can be a good way of tackling debt problems, an expert has stated.Iain Wrenshall, director of Debt Help UK, said that consolidation loans can be very useful for people with money difficulties because they provide "financial structure", making a number of different commitments easier to handle.
However, he also warned consumers that borrowing more money to get out of debt is not always the right option and said that, in some cases, another loan could be "the financial straw that ultimately breaks the camel's back".
Commenting on the positive side of debt consolidation, Mr Wrenshall explained: "A consolidation loan can be very effective, because under the right circumstances it can lower your expenditure and make your borrowings cheaper, making them more affordable."
According to a recent study by debt counselling service Thomas Charles, 15 per cent of British people are in serious debt, which is classed as owing £10,000 or more.
