Friday 6th June 2008
For those in an untenable financial situation, a debt consolidation loan is just one option, it has been noted.
James Jones, consumer education manager at credit report provider Experian, suggests that there are many ways to deal with such a crisis.
These range from consolidating debts to seeking the assistance of lenders, he contends.
"Debt consolidation is one of a range of options," Mr Jones asserts.
"I would encourage people to always speak to their lenders if they are struggling to make payments."
Alternatively, he recommends guidance from Citizens Advice or National Debtline as an option for those not keen to deal directly with their lenders.
By seeking such help, individuals may be able to have experts negotiate on their behalf, Mr Jones concludes.
The comments follow research published by Experian showing that one in ten people have no idea how much debt they are in and one in five plan their finances less frequently than once every six months.
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