By Mr Bankruptcy
6th March 2023
According to The Money Charity, the people of the UK owed just over £1,831 Billion at the end of November 2022, which, on average, is £1,394 per adult extra from the previous year.
With both debt levels and the cost of living increasing, many people are having to look for ways to reduce how much their debt is costing them.
Debt consolidation could be one option, but before taking action, it’s important to understand the pros and cons to ensure it’s the right path for you.
What is debt consolidation?
When you have multiple debts, on credit cards, store cards or in personal loans, you can arrange one loan to pay off all these individual debts, so you are then left repaying one, single debt, which can simplify your finances.
Pros of debt consolidation
Taking the step to consolidate your debts has several benefits:
Some negatives to consider
Debt consolidation may sound like the obvious option but there may be some challenges:
Look before you leap
Personal circumstances will affect how you manage debt, so take time to consider all possible option and seek advice before committing to anything if you’re not sure how it’s going to work for you.
James Rosa Associates
James Rosa associates is a firm of debt advisors and debt adjustors. With a supportive and friendly approach, we offer a full range of advice and professional services to individuals and business owners/directors who face unmanageable debt or who are involved in civil or commercial disputes.
Our services include:
We are authorised and regulated by the Financial Conduct Authority (FRN665061) to work with clients to produce bespoke solutions to fit their specific circumstances.
Find out if you qualify for a free consultation
If you need to deal with an unmanageable debt, or bring a dispute to a swift and equitable resolution, contact James Rosa Associates, ring 0845 6807217 or email firstname.lastname@example.org and ask whether you qualify for a free consultation.
Please be advised that all views expressed in these posts are those of the author and not of James Rosa Associates ltd.