Financial News

• Brown dismisses housing crisis fears (09 04 2008 10:15)
• Mortgage hope offered by bank (09 04 2008 10:15)
• Consumer morale 'falls again' (09 04 2008 10:15)
• Bristol & West withdraws deals (09 04 2008 10:15)
• Retirees feel 'unhappy due to no longer working' (09 04 2008 10:15)
• Severn Trent to be fined £36m (08 04 2008 04:15)
• Brown to announce first time buyers help (08 04 2008 04:15)
• UK bank details 'for sale by thieves' (08 04 2008 04:15)
• Last 100% mortgage to disappear (08 04 2008 04:15)
• High earners 'shut out of market' (08 04 2008 04:15)

Subscribe!

Fool.co.uk advises on consolidation loans

People who opt for a consolidation loan should always be very careful with their budget while repaying, Fool.co.uk has advised.

Consolidation loans are often taken out by those looking to streamline their debt into a single payment.

They are suitable for those who are trying to pay off credit cards as well as other loans - and find it inconvenient and costly to have several separate repayments.

According to figures from Fool.co.uk, around 40 per cent of those who take out a consolidation loan do so for this reason.

David Kuo, head of personal finance at the website, said: "Rolling up several expensive debts into one affordable monthly payment can make sense if you are faced with a myriad of claims on your money."

He added: "While consolidation loans can be a welcome lifeline, you need great discipline to stop it from being a noose around your neck."

Send this article to: