While we’re not quite at Christmas yet, many of us will have made a big dent in our Christmas shopping to do list, but at what expense?

The cost of  living crisis is making budgets this year tighter for many households, and many will have turned to borrowing via credit cards, store credit and loans to afford a Christmas like those enjoyed previously.  But what if the debts are growing and you’re unsure how you’ll look to repay them in the new year?

Debt consolidation loans could help consolidate your existing debts into one easier to manage outstanding debt.

Benefits of debt consolidation:

• Streamlines finances – combing multiple outstanding debts into a single loan reduces the number of payments and won’t have to worry about multiple due dates
• May reduce monthly payment – your overall monthly payment is likely to decrease because the future payments are spread out over a new and perhaps extended loan term allowing you to free up some of your monthly expenditure. Just beware that it will take loinger to repay if you extend the term of short term loans.
• Could lower interest rate – With the average annual interest rate for credit cards being 22% APR you could be going on a lower rate of interest through a mortgage or secured loan. You will be going from high interest unsecured debt to low interest secured debt

Book a call in for January to discuss how we could help support you through the post-Christmas debt difficulties.