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| Consolidation loans "can offer financial structure"
Debt consolidation loans can be a "very effective" way of managing expenditure and making borrowing more affordable, it has been claimed. "It can also offer financial structure, allowing people that would otherwise struggle with several different commitments to maintain those commitments with a single and possibly lower payment," he added. However, it may not always be a good idea for someone to borrow more money when they are already in considerable debt, warned Mr Wrenshall. According to Credit Action, total personal debt in the UK had reached £1,391 billion by the end of October 2007. This is a 9.7 per cent growth rate over the preceding 12 months, equating to an increase of £122 billion. Source: http://www.moneyexpert.com/News/Loan/18412601/Consolidation-loans -can-offer-financial-structure.aspx |
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