Debt consolidation: benefits and risks
Debt consolidation brings several debts together into a single, more manageable payment. It can suit people who can still afford repayments but are juggling too many of them.
Potential benefits
- ✓One payment instead of many
- ✓Can make budgeting far simpler
- ✓Only suitable where further borrowing is appropriate
Important considerations
- Approval and the interest rate depend on your circumstances and credit history
- Fees or a longer term can increase the total amount you repay
- If the new borrowing is secured against your home, your home may be at risk if you miss payments
See if consolidation is right for you
Safe, secure, confidential
- Step 1
- Step 2
- Step 3
- Step 4
- Step 5
Why do we ask this?
Your total debt amount helps us match you with solutions designed for your level of borrowing.
Clear Debt Help is a lead generator, not a debt solution provider. If you submit your details and give consent, we pass them to third-party partner firms that provide debt solutions. We may receive a fee from a partner for the introduction. If you enter a debt solution, fees may apply and will be explained by the provider before you proceed.
To find out more about managing your money and getting independent support, visit Money Helper, an independent service set up to help people manage their money.