Although debt consolidation can be a useful tool to help consumers manage debts, around a third of people from the UK don’t understand what it is, according to new research from Tesco Bank.
While 33 per cent of Brits don’t understand debt consolidation, and others don’t know that it exists as an option, Tesco Bank says it uncovered an appetite from some to find out more about it. In fact, 10 per cent of respondents said they only have some understanding of debt consolidation but would like to learn more.
Debt consolidation can be an option for those who have several outstanding debts to roll them into a single monthly payment, making it a helpful way for some to manage and reduce debt over time.
While a considerable number of people…
