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Before deciding whether a debt consolidation is right for you, you’ll need to weigh up the pros and cons and assess your own personal situation.
If fees for taking out a new loan or paying off existing ones early outweigh any savings you would make by combining your debts into one, a debt consolidation loan is unlikely to be right for you.
Likewise, you may be better off looking elsewhere if you are concerned you wouldn’t be able to keep up with your new monthly repayments.
If you have several different types of debt, keeping on top of all your monthly repayments can be difficult and expensive.
Debt consolidation loans allow you to combine all those debts into one, which can make juggling your repayments much easier, and potentially save you money too.
Rachel Wait - Personal Finance Journalist
If you have credit card debt, a zero-interest balance transfer credit card could be a better alternative to a debt consolidation loan. You simply move over your existing credit card balances to the one card and then benefit from several months of interest-free payments.
There is usually a balance transfer fee of around 2% to 3% to pay and it’s important that you clear your balance before the 0% deal ends and interest is charged.
Alternatively, you could consider a 0% money transfer credit card. With this type of card, you move money from your credit card directly into your bank account. These funds can then be used to pay off existing debts, whether that’s an overdraft, loan or other credit cards.
Again, you’ll benefit from interest-free payments for several months. However, there will be a transfer fee to pay and again, you must clear your balance before the 0% deal ends.
If you are struggling under the weight of your debt repayments, speak to your lenders as soon as possible to explain the situation. They may be able to come up with an alternative repayment plan. Alternatively, speak to a debt charity that offers free advice and support and can help you create manageable debt repayment plans. These include Citizens Advice, StepChange and National Debtline.
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