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Rather than making lots of separate payments to different lenders every month, you’ll only have to pay your consolidation loan provider.With each separate existing loan you look to pay off with your consolidation loan, check whether there are any early repayment charges – and, if so, factor them into your calculations.
Through a bill consolidation plan, the company will work with you to consolidate all debt into one payment every month.
When consolidating debts, work out how big a loan you will need and check the interest rate, as rates are usually tiered depending on how much you borrow.
As a general rule, rates are lower the more you borrow, but don’t forget the golden rule: never borrow more than you can afford to repay.
This is unsurprising: just as income generally rises with age, so do outgoing costs, such as mortgages and credit card debts.
However, it's also true that young families are particularly vulnerable to debt, which might account for why the 25-44 age band tends to require higher loan amounts.
There are lots of different loans to choose from if you are looking to consolidate debts, so always do plenty of research before applying for one to make sure you secure the best possible deal.