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Managing debts from more than one lender can be tricky, especially if you’re paying a high rate of interest.

Representative example: Assumed borrowing of £7,500 over 36 months at a fixed rate of 49.9% per annum would result in a representative rate of 49.9% APR, monthly repayments of £365.97 and a total amount repayable of £13,174.92.Read on to learn how debt consolidation loans can help you.There are obviously risks in taking out any kind of credit product, but if you are already in debt, then taking out an additional loan can potentially have a much larger impact on your finances.Most importantly, a debt consolidation should never be the first option you look at if you do have debts.The priority should be to first assess what you can do to manage your outgoings and plan to repay your debts on time.Finally, if you do decide to take out a debt consolidation loan, then do not continue to spend on the credit cards which you have consolidated, as you’ll end up back at square one.

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