If you are currently paying several loan installments at different rates with due dates at different times of the month, then a debt consolidation loan may be a valid option for you to consider. Most people take debt consolidation loans to pay off their arrears on credit cards. When expenses really get on to your head, apply for a debt consolidation loan that may earn you the benefits cited below.
* Save money on high interest credit cards
* Make one payment instead of many
* Manage your debts properly
* Build your credit record
* Get relieved from the pressure of varied creditors
Who needs debt consolidation loans ?
Recent research conducted by a business review website reveals that 64% of UK consumers applying for a consolidation loan do not close their lines of credit. They continue to spend, on average an extra £2,300 in addition to the newly granted secured loan.
The report also indicates that 63,000 debt consolidation loans were issued in 2006. Of these, 91% of applicants were not required to close other lines of credit with the proceeds of the consolidation loan. The loan was issued for the purpose of debt consolidation, but the consumer was not required to use the money for that purpose. This calls for adverse affects as borrowers instead of getting rid of their debts, actually end up multiplying them.
So, before applying for bad credit debt consolidation loans, ask yourself the questions cited below.
* Are you paying just the minimum amount on your credit card every month?
* Is the amount you owe on your credit card rises every month?
* Do you put off paying bills until the final reminder?
* Have you missed one or more mortgage, loan or card payments
* Are you finding it difficult to repay your multiple debts?
So, if you answer in affirmative to any one or more to the questions, you definitely need a debt consolidation loan.
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