Debt consolidation may be suitable if you have multiple debts. Combining your debt into one lump sum could reduce the stress of having multiple repayments, and could get your finances and credit rating back on track.
Credit score – Consolidating your payments into one makes it easier to avoid late payments, which will help improve your credit score.
Lower interest rate – Credit cards, overdrafts and loans can have high interest rates. By consolidating your debt into one loan repayment you could save a significant amount of money on interest.
Longer repayment period – Depending on how much you owe, it could take longer to pay off the total amount.
Fees – Some lenders may charge fees for consolidating debt.