Consumers are less worried about their debt levels now compared to last year, but that`s not to mean that they`ll be resting on their laurels, with debt consolidation being one of the options open to them as they seek take charge of their finances.
Research from analyst firm MindMetre indicates that 59 per cent of those asked about debt are less concerned about it this year, 2014, due to an improving economy. However, many are already thinking of ways that they can reduce their debt even further.
Fifty-two per cent will consider reducing their mortgages, which they can do by looking into remortgaging to a shorter term or by making overpayments where allowed. However, 60 per cent will focus on high interest credit cards and 44 per cent will seek to cut other kinds of unsecured debts, both of which some may choose to be dealt with using a debt consolidation loan.
One type of debt consolidation involves homeowner taking out a larger loan, secured against their property as a second mortgage and using this new loan to pay off other unsecured loans and credit cards, leaving you with just one lower repayment to make each month.
A debt consolidation loan will however usually cost you more in interest over its lifetime because it goes on for longer than unsecured borrowing and if you use your home as security it carries the same risks as a mortgage. Always look at various options and think carefully before securing other debts against your home.
At first choice we will use our experience to provide you with a no-obligation free quotation which you can consider and only proceed if you want to. We will then process your loan for you from enquiry to completion supporting you along the way. Discover more at firstchoicefinance.co.uk or call for on 0333 003 1505 on a mobile, if on a BT landline call free on 0800 298 3000.
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