Consolidating loans good or bad

Rather than making lots of separate payments to different lenders every month, you’ll only have to pay your consolidation loan provider.

With each separate existing loan you look to pay off with your consolidation loan, check whether there are any early repayment charges – and, if so, factor them into your calculations.

As a general rule, rates are lower the more you borrow, but don’t forget the golden rule: never borrow more than you can afford to repay.Please note that loans are only available to people aged 18 and over.Before spending hours searching for the most affordable debt consolidation loan, you should save your time and money by applying with P2P Credit.This is unsurprising: just as income generally rises with age, so do outgoing costs, such as mortgages and credit card debts.However, it's also true that young families are particularly vulnerable to debt, which might account for why the 25-44 age band tends to require higher loan amounts.

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