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Debt consolidation loans 'can make repayments easier'
Consumers can benefit from easier repayments by making use of debt consolidation loans, a financial website has suggested.
According to ThinkMoney.com, the products are ideal if people are keen to spread out their repayments over a period of time, while the loans also ensure they can keep track of their debts.
The website added that other potential benefits of debt consolidation loans are related to interest rates.
"A debt consolidation loan can also help to keep interest down if the interest rate on the loan is lower than the rates on the debts you're consolidating," ThinkMoney.com outlined.
"This can be especially helpful if you're consolidating high-interest debts such as store cards and overdrafts."
Recent figures published by the Association of Investment Companies suggested that students tend to be more realistic than their parents when it comes to their levels of debt.
It found that 34 per cent of students correctly predicted they will graduate with over £20,000 of debt.