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3rd Sep 2007
People who are struggling with personal loan and credit card repayments ought to consider debt consolidation, according to Mint Financial Services.
Adrian Kidd, spokesperson for the firm, said that by putting all of their debts into a single lump sum, borrowers can ensure their credit rating is protected.
In addition, people who consolidate can concentrate on paying back the capital rather than the interest on their debts. "At least with a loan you are given the time and you know that within five or seven years it will be gone, whereas just paying the interest every month without clearing the balance is a fairly suffocating process," he said.
"It's good to get it all in to one deal."
According to Credit Action, the total level of personal debt in the UK at the end of June 2007 stood at £1,345 billion.
Source:
http://www.moneynews.co.uk/3607/
mint-financial-services-debt-consolidation-is-a-good-thing/
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