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Debt consolidation loans give "relief" to bad credit consumers

16/04/2008

Consumers with bad credit ratings can "breathe a sigh of relief" at the availability of debt consolidation loans, according to one industry expert.

Applying for a debt consolidation loan can make dealing with various debts much "easier" and more manageable - cutting down on the inevitable stresses attached to financial problems, said Jennifer Morva from Lancaster University

Many people worry about eligibility for such loans but, even if people are already on Individual Voluntary Arrangement schemes, loans are still available.

Ms Morva added: "If you repay these debt consolidations properly, they can help you in emboldening your credit score as well

According to research by Credit Action, the UK`s personal debt is increasing by £1 million every five minutes.

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