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Debt consolidation `can be done without a loan`

24/06/2008

Debt-hit consumers throughout the UK can consolidate their debts without
having to take out a special loan to cover it, an industry expert has
claimed.

While debt consolidation loans can help many people, working out
solutions to debt problems can be done through negotiating with credit
card issuers on repayment structures.

Through such a scheme, expert loan consultant Melissa Kellett said that
some major debt hurdles can be overcome.

Ms Kellett added: "This is an excellent solution to eliminate credit
card debt as long as you do not begin using your credit card again to
finance purchases. Otherwise your credit card debt will begin to
accumulate once again and you will end up in a worse situation than
before."

Debt consolidation usually entails taking out one loan from a creditor
to pay off many other debts from numerous creditors. This is often done
at a lower interest rate for the convenience of servicing only one loan.

More than 4 million fear they`ll be made redundant 16/12/2010 - According to R3`s quarterly personal debt tracker, more than 4 Consumers took on more mortgage debt in July 26/08/2010 - Consumers took on £2bn more mortgage debt than they repaid Debts called in by parents 26/08/2010 - According to research, `the bank of Mum and Dad` is Teenagers `scared of debt` 19/08/2010 - Nearly two thirds of teenagers are `scared` of debt, according