Do I currently have multiple unsecured lines of debt (like credit and store cards)?
If you answer yes to any of the above questions, then consolidating your debt may be an appropriate course of action."Back to top If you're considering applying for a debt consolidation loan, you need to think about the effect it will have on your financial situation.
People turn to debt consolidation at various stages of debt.
There are different ways of going about consolidating debt, meaning that you can turn to debt consolidation in a few scenarios and still make it work for you.
Debt consolidation is the process of rolling all your outstanding debts into one loan, with the ultimate goal of paying off your debts at a lower rate.
Consolidating loans works for some people and doesn’t for others — it depends entirely on your financial situation.
To find out if a debt consolidation loan is right for you, read our guide below.
DISCLAIMER: This information is provided as is and does not take into account your current financial situation.
You should always seek professional financial advice before applying for any form of finance.
Will it help you manage your repayments or force your debts to spiral out of control?
So, if you're in debt, consider the following:says Chrish Samuel, Senior Finance Consultant at Finstar Financial."There is no set limit that you must surpass before consolidating your debt; it’s really a matter of the sooner the better.