Can debt consolidation help cash strapped families

Can debt consolidation help cash strapped families

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Video transcript

A think tank has called for the poorest families in the country to get more help with their finances, but some could help themselves by looking into debt consolidation.

The Centre for Social Justice (CSJ) has produced the Maxed Out report, which shows that the average UK household has debts of £54,000, including mortgages – almost twice as much as a decade ago.

It also revealed that the poorest ten per cent of households are paying out nearly half of their gross monthly income on debt repayments. However, these people could possibly reduce the amount they pay back each month by looking into a debt consolidation loan.

This would lead to their unsecured debts being paid off using the equity in their home, resulting in smaller repayments, although more interest may be payable over the term of the loan. So it is a balance of borrowing only what you need and then being vigilant by not running up the unsecured credit debts again.

What`s more, First Choice Finance can even help people who have been unlucky enough to incur a credit rating to still get a deal that`s suitable for them. Discover how by calling 0800 298 3000 from a landline, 0333 003 1505 from a mobile or by visiting firstchoicefinance.co.uk.
 

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Late repayment can cause you serious money problems. For help, go to moneyhelper.org.uk

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