Can debt consolidation help single parents

Can debt consolidation help single parents

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Video transcript

Benefit reforms and shrinking incomes have left some single parents struggling to pay their bills and a debt consolidation loan could be one option to help them to get back on a more even financial footing.

Lone parent family charity Gingerbread has found that a fifth of single parents have lost £100 a month since benefit reforms were introduced in April 2013, leading to nine-in-ten cutting back on basics like food and two-thirds even missing meals themselves so they could feed their children.

Ninety per cent of single parents have also needed to borrow money from friends or family when they`ve run out of money, with half resorting to credit cards and overdrafts and 13 per cent using payday lenders.

With nearly two-thirds of those in debt at least three months behind on a bill, a debt consolidation loan could help to settle that by improving your cashflow and move all your other unsecured bills to a new loan, leaving you with a single repayment to make each month.

Although you`ll need to pay more interest over the duration of the loan, each monthly payment should be lower, so is a case of borrowing what you need and can afford to get back on top of your finances. Discover more at firstchoicefinance.co.uk or call on 0800 298 3000 or 0333 003 1505 if using a mobile. 

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

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