If you have debt through either unsecured loans or credit cards, then you might find that you are facing multiple debts across multiple creditors, which are all due to be paid on different dates. If you find that your finances are getting too much to handle then loan and credit card consolidation might be the solution to your money worries.
Debt Consolidation can happen in a number of ways, either through secured or unsecured means. If you are looking for loan and credit card consolidation with a secured loan, the debt will be secured on an asset, usually your home. This type of debt consolidation is not suitable for everyone, such as if you have no equity in your home or if you are a tenant. So if a home owner loan is not the right solution for you, there are alternative ways to consolidate your unsecured debt.
Unsecured loan and credit card consolidation comes in the form of no loan debt consolidation, otherwise known as a debt management plan.
This type of debt consolidation will mean that you can no longer use your credit cards, which can offer you unexpected benefits. One of the main problems of debt consolidation is that once the loan and credit card consolidation has taken place, people continue to spend on their credit cards and accumulate more debt. This means that you are in a worse position than you were before.
No loans debt consolidation takes this temptation away as you don’t actually take out any more credit, instead your current debt is structured into a way that makes your creditor payments more affordable to you.
DebtConsolidation.co.uk is a trading name of Ask Finance Ltd which is registered in England and Wales (company number 4229724), Jackson House, Sibson Rd, Sale, Manchester, M33 7RR. Ask Finance is licensed under the 1974 consumer credit act to carry on the business of consumer credit, consumer brokerage, debt adjusting and debt counselling. Consumer Credit License No: 507130. Ask Finance is authorised and regulated by the Financial Services Authority (FSA) - FSA No: 300490 - for the provision of mortgage advice and arranging insurance.