There are two types of debt consolidation loan: Debt consolidation loans that are secured against your property are sometimes called homeowner loans.
You are more likely to be offered a secured loan if you owe a lot of money or if you have a poor credit history.
Steve pays a total of £435.83 in interest and fees each month.
This is the cheapest way if you repay within the interest-free or low-interest period.
You need a good credit rating to get one of these cards.
So, if you're in debt, consider the following:says Chrish Samuel, Senior Finance Consultant at Finstar Financial.
"There is no set limit that you must surpass before consolidating your debt; it’s really a matter of the sooner the better.
Will it help you manage your repayments or force your debts to spiral out of control?