Monday, 09 June 2008

Debt consolidation is one of several options which should be considered by consumers with mounting debt problems.

Experian has advised borrowers who are in varying states of financial difficulty that they should speak to their lender or a free advisory service if they are thinking about taking out a consolidation loan.

The organisation noted that such a loan could help borrowers to make their debt more manageable, but said that there are also other avenues worth exploring.

James Jones, consumer education manager at Experian, commented: "Debt consolidation is one of a range of options. I would encourage people to always speak to their lenders if they are struggling to make payments and if they feel the situation is getting out of control, they should seek advice from one of the free advice agencies, from citizens advice, or national debt line.

"They can help you to decide what the best solution for you is and can negotiate on your behalf which can be a very useful route to take."

Research from CredictExpert.co.uk has shown that one in four borrowers do not know how much they have left to pay off of their loans.

Source: http://www.moneyhighstreet.com/finance-news/375/