Are Debt Consolidation Loans the Answer?

By November 20, 2008Debt Consolidation

The credit crunch in the UK is making life extremely difficult for many low to middle income earners. Many people are turning to debt consolidation in attempt to improve their financial situation.

In tough financial situations it is best to get back to basics and create a budget. Then you should be able to pay all your bills and possibly save some money. Look at all your expenditure and ask your self can I go without or can I reduce the cost of this expense.

We found an interesting, controversial blog post from MoneySavingExpert.com on the best way to save money in difficult economic times.

The banks are saying that debt consolidation is the answer and on the surface this appears to be good financial advice. But is there a better way to help people save their money. Martin Lewis from MoneySavingExpert.com believes that cutting the cost of debt is the answer.

Do you think that debt consolidation is the best way to help save your money in difficult financial times or is cutting the cost of debt the answer?

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