The Screwdriver Center

Is debt consolidation right for you?

You’ve probably heard all kinds of stories about consolidating your debt. Some of them portray it as the easiest and quickest way to repay your debts. Other rumours cunjure up a scary picture of increasing debt that could lead to financial ruin.

The real situation probably rests right in-between. Debt consolidation may or may not be the best way for you to deal with your debt. It all depends on a range of factors: not just how much you owe to creditors, but how much you make and what kind of debts you’re thinking about clearing, as well as your attitude to debt and to money in general.

There are a few rules that apply to most people. Think about the following debt consolidation dos & don’ts.

DO - Do consider talking to a debt adviser if you’re thinking about consolidating your debts. You need someone who can help you examine your options, so make sure you talk to a company that doesn’t only offer consolidation loans. It’s possible that all you need is some advice on budgeting more effectively, so you can handle your debts personally. Take time to think carefully about the repayment term on your consolidation loan, if you take one.

DON’T - Don’t keep on struggling if you really can’t afford your debt repayments. If you need help, ask for it - a debt adviser will be able to help you decide whether you need a professional debt solution, and if so, which one.

Read more about debt consolidation here:
DebtAdvisersDirect.co.uk
Nationaldebtline.co.uk