What is debt consolidation? – BBC

Three in five low-paid workers have skipped meals, cannot heat their homes or have taken out a payday loan to cover essential supplies. Additional research also shows that three-quarters of people in debt are struggling with repayments. Finance expert Laura Pomfret explains that this is where you join all your debts together. To watch this…

The Pros and Cons of Debt Consolidation

While consolidation can look like an easy fix, it can quickly make things worse if used in the wrong circumstances. Some consolidation loans are secured, meaning your home or another asset is used as collateral. If you fail to meet repayments, the lender can repossess that asset to recover the money owed. Even with unsecured…