Debt Consolidation Loans
Combine multiple debts into one fixed monthly payment
Pros
- Simplifies multiple debts into one payment
- Can lower your overall interest if rates improve
Cons
- Only worthwhile if the new APR is genuinely lower than your existing debts
About Debt Consolidation Loans
A debt consolidation loan combines multiple existing debts into a single loan, often with one lower fixed monthly payment. It can simplify your finances, but only makes sense if the new rate is genuinely lower than what you’re paying now — worth checking your representative APR carefully.
How this works
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See if debt consolidation loans suits your situation
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A partner debt adviser talks you through your real options
Frequently asked questions
Will a debt consolidation loan definitely save me money?
Only if the new interest rate is genuinely lower than the combined rates on your existing debts — always compare the representative APR before committing.
Are you a debt adviser yourselves?
No — Reduce Debt Quickly is an independent information service. We always recommend free advice from StepChange, National Debtline or MoneyHelper before choosing any paid solution.
Will these options affect my credit file?
Most formal debt solutions (IVA, DRO, bankruptcy) do affect your credit file, typically for several years — this is disclosed honestly on each option’s page above.
What happens after I request a callback?
A partner debt adviser reviews your situation and explains which options genuinely apply to you — there’s no obligation to proceed.
Check if debt consolidation loans is right for you
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