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Consolidation loans `can help in long credit rating fight`

04/06/2008

Taking out a debt consolidation loan can help those with severe financial problems sort out their finances and improve their credit ratings at the same time, an industry expert has stated.

As the UK`s total personal debt continues to reach record highs, many consumers are looking at debt consolidation as a way out of their troubles.

However, according to debt expert Alex Jonnes, even the clearing of the initial debt may not be the end of the problems. A bad credit rating could impact on financial decisions for a long time and debt consolidation loans can gradually improve that score.

He added: "Improving your credit score is a tough job and requires a good amount of time. It improves when you make timely payments and your debts are cleared."

According to Credit Action, the UK`s total personal debt stood at £1,436 billion at the end of April.

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