This section aims to answer all of your questions from a completely impartial standpoint, including the available alternatives. You will also find our directory of carefully selected companies useful as you search for a solution to your debt problems. Only those with the best reputations and success rates have made it into the directory, so you can be confident you will be receiving free debt advice you can trust.

What is a debt consolidation loan?

It simply means replacing multiple loans with one new loan. If you have debts with different creditors, you can combine them into one loan.

What are the benefits?

Instead of paying several debts every month, you can consolidate those debts into one, easier to manage loan. Just imagine how much easier it would be to only think about one debt; One letter of correspondence in the post; One payment to make, instead of several. On top of that, they often allow you to get a better interest rate as the multiple debts commonly paid off are high interest credit and store cards.

You can also choose to extend the payment period, which means lower monthly payments. Beware, of course, that extending the payment period will mean increasing the total amount of interest you pay back.

Is a debt consolidation loan right for me?

• Are you tired of making multiple payments to creditors every month?
• Do you sometimes struggle to meet the minimum payments?
• Are you paying a high interest rate on some of your debts?
• Would you like to reduce the amount you pay on your debts each month?

If you answered yes to any of the above questions, a debt consolidation loan may be the right solution for you. If you are not sure about it, visit the ‘Solutions to debt‘ section of this website for a list of alternative solutions..

What to do now

If you would like more information on this and other related topics, use some of the helpful links below.

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Helpful debt consolidation loan links

Types of debt consolidation loans
Can I get a debt consolidation loan with bad credit?
Getting the best debt consolidation loan
Debt consolidation alternatives

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Remember, Advance With Finance is a completely free, impartial service. Although the information on this website is provided by industry experts, it should never replace the advice of a debt adviser who understands your individual circumstances.