Debt Consolidation "Requires Careful Consideration"

MANCHESTER, England, November 15, 2010 - Debt consolidation (
www.moneysolvedebtmanagement.co.uk/debt-consolidation) advisors from
MoneySolve have issued a stark warning to those thinking about taking out
debt consolidation loans secured against their homes. MoneySolve advises
against this practice, which is often a solution that suits the lender more
than the debtors, commenting that;

"Debt consolidation generally involves taking out a loan big enough to
cover all of the consumers debts and the sum raised is then used to pay the
debts off. This then provides the consumer with the ease of just one monthly
payment. In most cases, debt consolidation loans are actually secured against
the consumers home and if the consumer struggles to make payments on time and
to manage their finances, any loan secured against the consumers home could
put the consumers home at risk. In addition, by consolidating debt in this
way, the consumer's debt level actually increases substantially due to the
interest and the arrangement fees that are added to the consolidation money
borrowed."

But MoneySolve's advisors went on to add that debt consolidation can be a
viable solution for many consumers with relatively low levels of debt and
high levels of equity in their property, particularly where creditors are
either threatening to take or even proceeding with legal action or other
enforcement proceedings.

If you are struggling with debt problems and you are not sure if debt
consolidation is the right solution for you , you can contact MoneySolve for
free, confidential advice on +44(0)800-040-7064 or visit
www.moneysolvedebtmanagement.co.uk

MoneySolve: Elizabeth Beesley, Astute House, Wilmslow Rd, Handforth, Cheshire SK9 3HP, +44(0)1625-544789