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It is a common misconception that Debt Consolidation Loans cause people to be in more debt, rather than improve their financial situation. However, what many people fail to understand is that a Debt Consolidation Loan is in fact a good debt solution for many people.
Consolidation Loans are designed to support people in repaying their debts, it is other factors that can occasionally cause people to increase their debt level… Let’s discuss this further.
There are many ways that a debt consolidation loan could improve your financial circumstances:
As previously mentioned, it is other decisions that people who have consolidated their debts make, that contribute to their debt level increasing such as taking out a higher amount of credit than their existing debt level.
Another reason the overall debt level could increase, is depending on the APR offered on the loan, if this is higher than the original interest amounts, it could increase the overall amount payable.
Here at Consolidation Express, we specialise in supporting people who are in debt. We offer Debt Consolidation Loans of up to £75K and could get you the money you need in as little as 2 hours! We also consider all credit scores and only run a soft credit search on all our customers. Get in touch for help with your debts!Consolidate My Debts