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28-Sep-2016 16:08

Take the time to compare debt consolidation loan rates and do the sums for your own circumstances - you could be surprised.If you've decided to look into a debt consolidation product, you should be aware that the best deals will only be available to customers that the lender judges to have the best credit scores.

If you have debt and savings it's almost always the case that you're paying a higher rate of interest on the money you owe than you're getting paid on the money you're in credit.

Before consolidating, you should note that some lenders may charge exit fees or early redemption charges if you repay ahead of schedule.

That's because they'll lose a chunk of the interest you would have paid if you'd stuck to the original terms.

For most people it's about saving money and getting back in control, and the black-and-white financial sums are easy enough to work out.

More difficult to deal with are the intangible factors which are related to knowing what sort of borrower you are.You should think very carefully before consolidating personal loans and other unsecured debt into a secured loan.