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Consumers can ease the financial burden of weighty debt problems by taking out debt consolidation loans, according to an industry expert.
By paying off the vast majority of their creditors, a consolidation loan can reduce the pressure of a borrower`s debt problems and let them concentrate on paying off just one loan, George Kane said.
Writing for Best Syndication, Mr Kane - who has worked in the finance sector for 20 years - said that many lenders allowed people in bad financial situations to borrow between £5,000 and £75,000 in order to pay off debts.
He added: "Out of a number of offers of debt consolidation loans, you can select the most suitable offer by comparing the rates of interest and additional charges."
Mr Kane`s claims were recently backed up by Johns Tiel, who told the news provider that debt consolidation loans can "eradicate" problems with credit ratings.