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Latest News
<< Most Recent Articles
'Discipline needed' to make most of consolidation
In order to feel the benefit of a consolidation loan, consumers need to be sure that they are sensible, it has been claimed.
Some three out of five people run up further debt despite the fact that they take out consolidation loans, according to Fool.co.uk.
This research has prompted the company's head of personal finance David Kuo to advise consumers to be prudent when it comes to expenditure.
He commented that, while consolidating debt into one affordable monthly payment can make financial sense for someone who has several outgoings, restraint is needed in order to make the most of the loan.
"While consolidation loans can be a welcome lifeline, you need great discipline to stop it from being a noose around your neck," he said.
According to the insolvency service, there were some 26,956 individual insolvencies in England and Wales in the second quarter of 2007.
See how much you could save with a consolidation loan from Lombard Direct.
© Adfero Ltd
04/04/2008 14:22:09
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