Debt consolidation with secured loans 'can be effective'
04/01/2008Consumers opting for secured loans or debt consolidation often find it to be an effective way of reorganising their finances, one expert has suggested.
A spokesman for Debt Help UK, a company which advises people on how best to manage their finances and tackle debt, said that debt consolidation loans can be "very effective" in some circumstances.
Iain Wrenshall, director of the group, said that in general consolidation loans are a good idea and can offer consumers an easy way to make credit card and loan repayments more affordable.
"A consolidation loan can be very effective, because under the right circumstances it can lower your expenditure and make your borrowings cheaper, making them more affordable," he said.
He added that many consumers also benefit from the financial structure debt consolidation provides by relieving them of the task of handling multiple commitments.
Recent research from uSwitch.com revealed that around one in four adults in the UK are struggling to manage their current debts.
 © Adfero Ltd
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