Consolidating credit cards into one consolidating credit cards chase
Most debt consolidation loans are unsecured, which means they are issued according to your creditworthiness.
If you have bad credit, you may find it hard to get an unsecured loan and you might want to consider loans for poor credit instead.
There are lots of different loans to choose from if you are looking to consolidate debts, so always do plenty of research before applying for one to make sure you secure the best possible deal.
When you compare loans with Money Super Market, you’ll be able to order results by how likely you are to be accepted so you can see who is most likely to say yes.
Although your debts won't disappear, merging them into one personal loan could reduce your monthly outgoings and help you better manage your money – as long as you can afford the repayments.
The average household had £7,616 of consumer debt in December 2017, according to the Money Charity.
Age plays a big role in determining how much people need to consolidate their debts.
Young people aged between 18 and 24 tend to require much lower loan amounts than middle-aged people.
of Americans in debt choose to create a budget and plan to pay off their bills on their own, a lot find that tackling their debt alone is an overwhelming task.
If you think you might be able to pay off your debt consolidation loan early, check to see if there are any penalties for doing this.
Remember that the longer you take to pay it off, the more interest you will pay overall.
If you see any loans that are secured, you should be wary of them.
A secured loan is when the debt is held against an asset (usually property) – think carefully before securing other debts against your home because your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it.