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Personal loans 'useful for debt consolidation'
Consumers considering debt consolidation should think about taking out a personal loan, according to a finance website.
Loansandcredit.com has claimed that the benefit of paying one monthly payment to cut debt is useful to many consumers, but added that the loans are also used in other situations.
The website explained that the products can be used to finance holidays or weddings, as such purchases can be costly when made using plastic cards.
Personal loans can also be useful when it comes to buying luxury items, the website also outlined, including motorcycles or boats.
"Sometimes you find a bargain that is just too good to pass up, so obtaining a personal line of credit can be the key to getting the right deal at the right time," the website added.
Recent research from Defaqto, commissioned by the Independent, revealed that the rates on personal loan products have risen significantly in the past two years or so.