Consolidation Loan - yes or no? — MoneySavingExpert Forum

Oct 13, 2024 · And I will set direct debits for this balance to be clear too within the 0% period. My reason for considering the consolidation loan is that I am paying just so much in interest at the …

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Oct 10, 2024 · I am debating whether to take out a debt consolidation loan as there are mixed reviews. I have 2 personal loans 1- £1790 2- £1200 credit card 1 - £1100 credit card 2 -£850 …

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Dec 10, 2022 · So: Loan 1:£5415.90 outstanding at 3.9% with 41 months to go Loan 2: £2067.39 outstanding, at 24.7% with 52 months to go Loan 3: £4,500 (ish) outstanding at 6%, with 48 …

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Jul 9, 2020 · Now let's say that she is able to get hold of a fixed rate loan at 3.5% for £12,180.13, which she uses to pay off all of her existing debts. She is now left with a single loan with a total …

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4 days ago · Definitely don’t do a loan. If there is any chance of getting your credit card debt shifted to a 0% you should do it yes debt is just moved but it can be a real chance to get the …

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Do consolidation loans solve debt?

Consolidation loans don't solve debt, it's replacing multiple debts with one big one. It's more borrowing, which can be dangerous. You could end up in more debt than you started with if not managed well. 3. Address the reasons for getting into debt before consolidation. ...

Are consolidation loans a bad idea?

2. Consolidation loans don't solve debt, it's replacing multiple debts with one big one. It's more borrowing, which can be dangerous. You could end up in more debt than you started with if not managed well. ...

Can I consolidate debt with a personal loan?

The process of consolidating debt with a personal loan involves using the proceeds to pay off each individual loan. While some lenders offer specialized debt consolidation loans, you can use most standard personal loans for debt consolidation. ...

What is a consolidation loan?

Consolidation loans are essentially personal loans you use to clear your other debts, allowing you to have one single debt to manage with structured repayments and a single interest rate. So you only have one, fixed repayment to worry about, and you know when it will be cleared. ...

How can debt consolidation help you pay off your debt faster?

If your debt consolidation loan is accruing less interest than the individual loans would, consider making extra payments with the money you save each month. This can help you pay off the debt earlier, thereby saving even more on interest in the long run. ...

Should you pay off multiple credit cards with a debt consolidation loan?

Paying off multiple credit cards with a debt consolidation loan is not an excuse to run up the balances again, and it can lead to more substantial financial issues down the line. Consolidating your debt can have a number of advantages, including faster, more streamlined payoff and lower interest payments. 1. Streamlines Finances ...