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Consolidation loans can make debts `manageable`

10/04/2008

A debt consolidation loan can make a number of potentially challenging debts "manageable", an industry expert has revealed.

The terms of a debt consolidation loan mean that the numerous creditors who may be chasing debt repayments will be paid off, leaving consumers with one creditor - and often less stress - to deal with, Christian Phelps stated.

Mr Phelps, who works for Lancaster University Management School, said that the choice between a secured and unsecured loan can make debt consolidation more "accessible" for many people.

He added: "The immense competition among the financial institutions may turn to be beneficial to you. You now have the option to negotiate your deal. You just need to approach the lenders and get their quotes and finally choose the best one."

Recently, debt consolidation expert Amenda Dorothy said that unsecured debt consolidation loan is the most frequently used loan to manage credit card debts.

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