Debt Facts

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If you are in debt you are not alone. People in the UK collectively owe over £1trillion. This is equivalent to nearly £5,000 for every man, woman and child in the country - and the debt is increasing!

The problem of debt

Read some of the articles below to appreciate how many of us have a debt problem. Then contact us and let us help you. We will advise you on the best way forward from a range of possible solutions.

Articles on Debt

• Debt soars by 70%
• Explosion in number of bankrupts
• Warning of Debt Disaster
• Credit can be a risky business
• Spend it like Beckham
• The bankruptcy boom
• Flog one of your kidneys?
• MPs blast credit card chiefs
• We owe £4,500 each
• Crackdown on credit
• £1trillion of debt
• HBOS hit as arrears rise to £1.7bn
• Credit card meltdown
• Store cards enquiry
• Record credit card debts
• Debt crunch will help experts
• Shoppers pile up debt
• Millions drowning in debt
• Borrow £1m every 4 minutes
• Debt consolidation loan
• Credit card debt
• Managing a single debt

Debt Consolidation Loan

Debt Consolidation means that the person in debt combines all their existing debts into a single loan called a Debt Consolidation loan.

A debt consolidation loan does not reduce the total amount of money you owe. It simply allows you to pay off all your credit cards and other debts. You are then left with one loan - your debt consolidation loan.

With a debt consolidation loan you make one single payment each month.

The interest rate on a debt consolidation loan is likely to be much less than the interest rates charged on credit cards.

Why have a debt consolidation loan?

The interest rate on a credit card debt will usually be much higher than the interest rate on a debt consolidation loan. Therefore a debt consolidation loan lets you pay off what you owe instead of paying endless interest charges.

A single monthly payment is much more manageable than paying off several different credit cards etc. With a single loan it is much easier to work out how much interest you are paying.

Managing a single loan is likely to be less stressful than responding to several monthly credit card bills. Once you have paid off all your credit cards and other debts you will not receive letters demanding payment or letters threatening legal action etc.

MoneySolve can advise you on whether a debt consolidation loan is right for you. If it is we will arrange one for you. If not we we will offer you an ethical alternative.

Debt Advice »

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Mrs Williams from Gateshead
I was very stressed when I first contacted MoneySolve . Things got easier almost immediately as you began dealing with my creditors. Your staff were always helpful and the outcome brought my debts under control. Thank you.