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Paying off more than one debt at a time is not uncommon.
But if you’re struggling to balance your debt repayments, debt consolidation may well be worth considering.
At Debt Fix, we know everyone's situation is different and we understand that there is no “one size fits all” solution when it comes to managing debt.
For this reason, we present affordable options specifically tailored to suit your situation.
Consolidating all your debts into one loan might appear to make life easier but there might be much better ways of dealing with debts.
You borrow enough money to pay off all your current debts and owe money to just one lender.
For example, what if interest rates go up, or you fall ill or lose your job?
If you can’t stop spending on credit cards, for example because you’re using them to pay household bills, this is a sign of problem debt.
With a debt consolidation loan, a lender issues a single personal loan that you use to pay off other debts, such as balances on high-interest credit cards.
You’ll pay fixed, monthly installments to the lender for a set time period, typically two to five years.
There are two types of debt consolidation loan: Debt consolidation loans that are secured against your home are sometimes called homeowner loans.