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What is debt consolidation?
Debt Consolidation – How it works
Debt Consolidation Loans
Why Debt Consolidation
The Pros and Cons of debt consolidation
Other debt consolidation issues to consider
Debt Consolidation Glossary
Bad Credit Loans
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Other debt consolidation issues to consider

Before considering whether or not to take out a debt consolidation loan, there are some issues that need to be considered.

First and foremost, you could be sure that a debt consolidation loan is the best option from the alternatives available such as debt management or a re-mortgage loan for example. For people facing insolvency an Individual Voluntary Arrangement or even bankruptcy may well be a better option.

Once you have taken financial advice and considered all the options available, if you do apply for a debt consolidation loan, you should work out exactly what you can afford to pay each month.

Other important factors to consider are:
  • what is the annual percentage rate (APR) and whether or not it is variable
  • what the total cost of the loan will be
  • the duration of the loan
  • the amount to be repaid monthly
  • the consequences of missing a monthly payment
  • any charges that might apply if you repay the loan early
  • what happens if you decide to move home
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