Debt Consolidation Report Offers Debt Advice
(PRWEB) November 20, 2006
Debt help organisation The Debt Counsellors has compiled The Debt Consolidation Report to raise awareness of the pros and cons of debt consolidation and highlight its alternatives.
Debt consolidation is a common recourse for people struggling with debt, whereby their multiple debts are combined into one, after which a single payment is made every month to just one creditor instead of many.
However, as The Debt Counsellors’ Debt Consolidation Report points out, the issue is a complex one because these offers are not always as simple or attractive as they seem. Having one payment a month and one creditor to deal with is obviously an advantage, but the financial details do not always make as much sense.
John Porter, a senior counsellor with The Debt Counsellors, explains: “Debt consolidation loans can work out more expensive than the original multiple debts combined, either through higher interest payments or because the deal runs for longer.”
Porter adds: “Another aspect is that once debt consolidation is undertaken and many debts become just one, albeit a larger debt, a common reaction is to take out a further loan or start spending on credit cards again, so this leads to even more debt and serious problems.”
Porter maintains that there are often more suitable options for those in debt, and The Debt Consolidation Report details these. He says: “Through The Debt Consolidation Report, we are raising awareness of the problems associated with debt consolidation and also outlining the alternatives.”
The Debt Consolidation Report can be viewed at http://www.debtcounsellors.co.uk/reports/debt-consolidation.html
For further debt advice and information on debt consolidation, visit http://www.debtcounsellors.co.uk
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