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Consolidation loans `provide essential funds`

28/04/2008

Debt consolidation loans can provide essential funds which consumers with debt problems need to pay off creditors, an industry expert has suggested.

Such loans are available to people who even have a bad credit rating and allow consumers to pay off a number of their creditors and consolidate their debts, Johns Tiel stated.

Writing for Best Syndication, the financial consultant claimed that those looking for a debt consolidation loan need to know exactly how much money they need - and what interest rates are on the market - before agreeing to a deal.

He added: "It is of vital importance that prospective borrowers may do some research about these lending solutions before they actually sign up for risky personal loans. It is necessary to get as much information as you can regarding these loans."

Recently, Mr Tiel said that taking out a debt consolidation loan can reduce the stresses associated with debt worries.

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