Monday, February 14, 2011
Category:
Consolidation
According to Consumer Credit Counselling Service (CCCS), the charity has experienced a ‘sharp rise’ in the number of people receiving online counselling for their debt problems.
In fact, the national debt charity has reported that its online counselling tool was used by 8,591 people in January – more than any month last year and double the number in the previous month. In total, it has been revealed that 65,825 people used the tool last year.
CCCS has predicted that there will be a significant increase in the number of people completing counselling through their online counselling tool, ‘CCCS Debt Remedy’, in 2011. One reason behind the anticipated rise is stated as being ‘increasing demands on household budgets such as inflation and tax changes’.
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Homeowners who may be struggling to meet their monthly credit repayments could consider taking out a secured loan to relieve the pressure. One of many finance options available, a secured loan for
consolidation could allow borrowers to pay off multiple existing debts – leaving them with just one monthly repayment. What’s more, this single monthly repayment could even be lower than the sum of current outgoings. However, if opting for a secured loan to consolidate debt, it should be remembered that consolidating your debt may increase the amount you pay back overall and extend the repayment periods of your debts.
