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Consolidation loans "stand out from the crowd"

05/06/2008

Debt consolidation loans "stand out from the crowd" as they are designed to help people deal with the debt that they already have, an industry expert has claimed.

While taking out such a loan can be quite daunting to many consumers, there are a number of benefits to debt consolidation, DebtAdvisersDirect.co.uk stated.

By taking out a consolidation loan, much of the stress of having to deal with many creditors can be wiped out, as only one company will be owed money, Melanie Taylor said.

The debt expert added: "A consolidation loan gives the borrower a chance to think carefully about repayment terms.

"If they couldn`t keep up with repayments to their `old` debts, it might make sense to pay back the consolidation loan over a longer period of time."

Recent research by Credit Action found that the UK`s total personal debt increased by £110 billion over the year to the end of April to £1.436 trillion.

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