In times of economic stress it is hardly surprising that lots of people in the UK are struggling to manage their finances effectively. Sometimes a debt consolidation loan is the answer to keeping things organised.
Research from the British Bankers Association revealed the top ten debt zones, organised by postcode. This indicated that the City Road part of Shoreditch in London, some villages near Alnwick in Northumberland, and a Bath suburb all have the highest amounts of outstanding debt per person. An average of over £2,000 per borrower.
It’s difficult to keep on top of your finances when you have numerous bills to keep up to date with. This can be particularly hard if this includes credit cards or loans. Avoid being late on a payment as this can leave a black mark against your name and credit history. It might also drive up percentage rates on credit card purchases in the future.
Quite often, debt consolidation might be the answer. It might be useful to manage your debt as one lump sum and borrow the cash to pay off your bills. You may also see that your rates on your consolidation loan are a lot less than they were on your credit cards. This can help you stay organised where your finances are concerned.
Debt consolidation can be helpful as you only pay one bill each month and everything is covered immediately.