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Consolidation loans `can ease financial burdens`

01/05/2008

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.

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