Why To Avoid Debt Consolidation Loans
| Money : Borrowing Debt consolidation loans should generally be seen as the last regard. The problem is many people don't realise what they are getting themselves in for when signing up for these, and therefore have something of a nasty shock when they are signed up and realise what it does entail! The TV adverts make it seem so easy, but the reality is that to cover the risk of lending to people with bad credit history, the interest rates are sky high (ironically of course increasing the chance that they can't pay back and therefore increasing the chance of defaulting on payments)! The Consumer Credit Counselling Services has stated that consolidation loans are the right option for only a very small number of people. Therefore think very carefully before opting for one. Best: get some independent advice and check our www.cccs.co.uk
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