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Latest News
<< Most Recent Articles
Consolidation loans 'can be beneficial for the disciplined'
Consumers who consolidate their loans need to be disciplined to avoid running up further debt, it has been claimed.
David Kuo, head of personal finance at fool.co.uk, said that four out of ten consumers who take out consolidating loans go on to run up more personal debt.
He went on to say that in order for these loans to be beneficial it is up to the consumer to show financial restraint.
Mr Kuo added: "While consolidation loans can be a welcome lifeline, you need great discipline to stop it from being a noose around your neck."
The Citizens Advice Bureau has issued a statement saying that these problems come as a result of increases in the cost of living and that many people are having problems paying household bills. It advises anyone who is in this position to get in touch.
See how much you could save with a debt consolidation loan from Lombard Direct
© Adfero Ltd
02/04/2008 15:54:30
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