When considering a Debt Consolidation Loan, it is important to be aware of the advantages and disadvantages involved before you take the plunge. Debt Consolidation, involves taking out a loan in order to pay off several separate debts e.g. two credit cards and an overdraft.
It is important to remember that lenders base their entire business model on granting loans to people, so they can make money from the interest. So, if you have had a Debt Consolidation Loan application declined, there must be a reason. Read on to find out what the most common reasons are for a declined Consolidation Loan application.
If you have a decent credit score, but you are finding it difficult to meet your debt repayments, then consolidating your debt can often be an effective way of reducing your monthly outgoings. But is it always a good idea?
