If you’re struggling with your debt and don’t have any gold to trade in, consider looking into debt consolidation.
We all know that trading in unused gold is a useful way to bring in some extra cash, but what if you’ve already done that or simply don’t have gold to trade in, but still have debts to pay? Debt consolidation could be the answer you’re looking for.
When debts mount up, it can be tempting to just pay the minimum, but often this results in the debts increasing, because of high interest charges. People can then end up taking on more debt, in the form of credit cards or loans, which only makes things worse in the long run. After a while, debt can become unmanageable and make day to day life difficult and stressful.
The reason many people choose debt consolidation is that it makes it easier, and often cheaper, to pay off all your debts because you consolidate them all into one payment, which is usually lower than the total of your previous payments. If much of your debt was on store card, which usually have a high rate of interest, consolidating could reduce your interest charges considerably, because the rate will be lower. Consolidating your debts can also help stop phone calls from creditors, which many people with debt are plagued by. After paying off the consolidated loan, you will more than likely see an increase in your credit rating, which will make it easier to obtain credit in the future.
Be aware that a secured loan means that your home could be at risk if you don’t keep up with repayments, so do think carefully before taking one on. You should never take out a debt consolidation loan without first seeking specialist advice. In the UK, there are several sources of free, impartial advice, including National Debtline, Citizens Advice Bureau, and the Debt Advice Foundation.