MAKING SENSE OF YOUR
FINANCES

Debt Consolidation

What are the benefits of debt consolidation?

Debt consolidation is about taking a good look at your current financial situation and assessing your lifestyle and needs. It's about learning the best techniques for managing your money and taking control of your income and expenditure. This means that you don't need to get deeper into debt by borrowing more money you are simply managing your finances more efficiently.

So, instead of trying to balance lots of different payments at the end of the month, you simply make one payment to cover all your regular repayments. This can include anything from utility bills, credit card and store card payments to existing loans.

You can even save money this way because your one monthly repayment often works out less than your combined monthly outgoings. For example, reducing the individual APR's on your credit cards by keeping one with the most favourable interest rates.

With just one affordable payment to make each month, you will find it so much easier to manage your money and considerably less stressful.

Here is an illustration of what you can save:

Current	Repayment rates/APR’s	Outstanding Balance	Monthly Repayments
Credit Card 1	15.9%	£4,700	£100
Credit Card 2	24.5%	£3,500	£75
Store Card	26.0%	£900	£12
Store Card 2	29%	£300	£6
HP Agreement	9%	£2,400	£250
Total		£11,800	£443

See our debt consolidation calculator to work how how much you could save on your monthly expenditure