Looking into debt consolidation loans could result in lower repayments, but around one out of five (18 per cent) people don`t know that they may be able switch their loan balance from one provider to another.
That`s one of the startling things that`s emerged from research by Sainsbury`s Bank, suggesting that many people struggle on with multiple repayments for credit cards, store cards and other unsecured borrowing, rather than finding an alternative that could ease their cash flow and more affordable.
Sainsbury`s figures show that the consumers who did know about debt consolidation refinanced to the tune of £2.2 billion in the first quarter of the year, with many taking advantage of a reduction in loan interest rates. On average, borrowers consolidated to the tune of £10,334 each.
Head of Banking, Simon Ranson, believes that people should think about all of their outgoings before looking into debt consolidation, noting that `having all of your borrowing in one place… could have a significant impact on your monthly outgoings`.
If you are a homeowner looking to consider consolidating your credit through a personal secured loan or a remortgage, First Choice Finance may be able to help. We will scour our lenders to find a homeowner loan or mortgage that will suit your needs and try to make your repayments easier to manage. Please bear in mind you should think carefully before securing other debts against your home.
Discover how to get a no obligation free personal quotation by visiting firstchoicefinance.co.uk or calling us on 0333 003 1505, mobile friendly, or dial 0800 298 3000 on your landline.
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