Student who is thinking of debt consolidation

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Posted by Michael-B : December 11th, 2007

Student who is thinking of debt consolidation

Hi,

I have debts of under 15k and I'm only 23 , having just graduated from university with a business studies degree and found myself a very good and reputable job I am in a fairly good position to clear my debts which consists of store cards, 1 credit card and my student loan (who said being a student was easy!). My student loan debt is interest free except for my store cards and credit card.

I want to consolidate all my debts into 1 low monthly repayment so that it free's up alot more disposable income for me

I'm not sure if this is a good idea, even though there are so much tv adverts recommending that we do it?

Can anyone please advise me? I have two options -either pay my debts of the long way which will be more expensive for me or just go down the consolidation route

thanks

Michael B

Hello Michael

Debt consolidation could be a way forward but isn't always the best. There are many factors that need to be considered when consolidating, for instance affordability, repayments, overall amount borrowed (repaying). If you dont get a good APR on a loan you can end up paying back twice the amount you borrow to consolidate sometimes more. Give DAT a call and they'll advise whether a consolidation loan is the best option for you.

Posted by: debt answers

I have seen alot of these

I have seen alot of these debt consolidation adverts (especially in the mornings) too and they make the process seem so simple, if you do go through the consolidation route as said above you have too keep a few things in mind such as how much can you afford to pay back, is the finance company reliable and are there any hidden charges! I would also recommend calling DAT, they may be able to help you in your current situation.

Posted by: Travis

yea, best thing to do is to

yea, best thing to do is to heavily research and not to believe what these adverts say...some of them can be very mis-leading

Posted by: Jasmine

Hello

There are other ways to pay of debt at an affordable rate other than borrowing more money. Again, DAT will be able to advise a reputable company to help with your situation. It's a free call and free advice, give it a try it may be a weight off your shoulders.

Posted by: understanding debt

Hi Michael, Although you say

Hi Michael, Although you say there are only two ways forward,you may find that there are other solutions to your situation.Why not give us a call to discuss what else may be available.Give us a call on 08009546518 at The Debt Advice Trust

Posted by: Debt Advice Tru...

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