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Debt consolidation 'an ideal way to get finances under control'
Consumers have an ideal opportunity to get their finances under control through the use of debt consolidation loans, according to an expert.
Kimberly Schiller of Helium.com has claimed that the products are "an excellent way" for people to manage their debts and ensure they can budget effectively to make any necessary repayments.
She added that consumers seeking the products may have to bear several issues in mind, including the quality of their credit score and current income.
"If you are offered an interest rate that is equal to or lower than the rates on your outstanding debts, and can afford the proposed monthly payment, you will be able to consolidate and either break even or save money," she explained on the website.
Ms Schiller also suggested people may get the most favourable deal from a bank or organisation they already have a good relationship with.
Earlier this week, Tim Moss, head of loans and debt at moneysupermarket.com, suggested those using debt consolidation products must remain disciplined.