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Consolidation 'a top way to get out of debt'
People looking to clear the amount that they owe to various parties should consider a debt consolidation loan, an expert has suggested.
Helium.com's Maria Papadopoulou said such products are one of the top five ways for consumers to cut debts in the current financial climate, alongside reducing unnecessary expenses and negotiating with creditors.
She explained that interest on payments could be reduced by transferring the balance over from a credit card to a loan.
"Such a loan is a home equity loan. Consult a bank counselor to find a debt consolidation loan tailored to your specific needs and budget," she added.
David Rodger, managing director of the Debt Advice Foundation, recently suggested that new families could benefit from advice on the financial changes that having a baby can lead to.
He made the comment after uSwitch.com research suggested many mothers return to work after giving birth because of financial constraints.