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People do not shop around

Debt consolidation loans are big news, responsible for literally billions of pounds worth of business every year in the UK – yet two out of three people looking for a debt consolidation loan fail to shop around for the right deal.
The Office of Fair Trading’s (OFT) 2004 report on debt consolidation loans showed many consumers were not financially aware when taking out credit.

Often, borrowers did not realise that there can be alternatives to debt consolidation, such as negotiation with their creditors, or getting free help and advice from a debt counselling service.

And many borrowers took out their loan without actually considering what the overall cost of their repayments will be and over how long, nor, in the case of secured lending, what would happen if they failed to meet their repayments.

The OFT is pushing for better financial awareness among consumers, with credit providers being required to make debt consolidation more transparent and fairer for consumers.

In the meantime, if you are considering taking out a debt consolidation then you should ensure that you fully understand what your commitment will be (such as the monthly repayment, length of the loan, overall costs etc) and then do your homework.

There are literally thousands of loan products out there, so be choosy and find the one that best meets your requirements - one that doesn’t send you spiralling further in to debt.

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