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Consolidate your way to financial freedom

According to one financial adviser in the UK many consumers could find their way to financial freedom more easily by consolidating their existing debts.

This could avoid costly interest charges and minimizing on the risk of missed and late repayments, which can result in hefty charges and fees. Many of those with a number of debts to deal with have credit cards and debit cards, which charge extortionate rates of interest, along with various other debts such as overdrafts and catalogues.

According to the financial adviser those with a number of debts, especially those with high interest debts, could save themselves money on a monthly basis, giving them more in the way of disposable income, and could also save money on the amount of interest that they pay overall by paying off more expensive credit such as credit cards. They can also enjoy easier financial management, with just one debt to pay rather than several.

The financial adviser, Adrian Kidd, from Mint Financial Services, added that the interest rates charged on an unsecured personal loan could be significantly lower than on a credit card, which can make a big different to repayments. According to recent data, credit cards are amongst the most popular debts to be paid off by consumers when consolidating debt, although there is a high risk of them being used again unless the consumer closes the account.

Another related survey showed that around a quarter of those taking out debt consolidation loans to pay off their higher interest debts actually managed to get out of debt earlier than they may otherwise have done as a result of taking on the larger loan and paying off the higher interest smaller debts.

Tom Smith
18th August 2007

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