Put very simply, debt consolidation involves taking out a loan with which to pay off all your other debts. So, in effect, you replace mutliple regular payments with just one. Seems easy, yes? Perhaps debt consolidation is the best solution for your current situation but it is vital that you take many things into account before going ahead.

If you live in Scotland and are struggling with debt, try not to panic, there is always a solution to your problems, and facing up to your money problems is the first step in reaching that solution.
The first step in bringing your finances under control is to make a list of all your debts. The [...]

Following years of cheap and easy credit, we are now experiencing an ever-deepening recession, and, as a result, many people are struggling with unprecedented amounts of debt.
Peter McGahan, Managing Director of Worldwide Financial Planning, advises:
“Ensure you pay off debts that have the highest interest rate first. Also, remember to pay bills that are secured to [...]

If you don’t own your own home and have no other security to take a loan out against, you might find yourself considering unsecured debt consolidation. Even if you have no collateral you should be able to find yourself an unsecured debt consolidation loan and, in a crowded market, many are available with reasonable rates [...]

What is debt consolidation?
Debt consolidation is often used to manage out of control debt. You might have four or five store cards, three maxed-out credit cards, a bank loan, an overdraft, and the total monthly repayments can be huge. Consolidating debt means that you take out one large loan to pay off all your debts [...]