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Debt consolidation loans 'ideal for budgeting'
Consumers that want to improve the way they budget should consider using debt consolidation loans, according to a leading advice body.
Debt Advice Direct stated that research by Co-operative Bank recently highlighted that many people tend to overspend at Christmas, which means they have to spend time after the festive period getting back into the black.
A spokesperson for the organisation said one potential option for consumers with manageable debts is to use a debt consolidation loan.
"Debt consolidation can actually help people to budget, since it's possible to reduce the repayments to a more manageable level, and because it means just one monthly payment instead of many," the expert outlined.
"That said, reducing the payments will mean repaying the debt for longer, which can cost more in interest overall."
Recent figures published by Unbiased.co.uk suggested that levels of debt in the UK remain high.
The study suggested that while savings levels fell during the third quarter of 2009, debt figures only dipped slightly.