Although your debts won't disappear, merging them into one personal loan could reduce your monthly outgoings and help you better manage your money – as long as you can afford the repayments.
The average household had £7,616 of consumer debt in December 2017, according to the Money Charity.
If the cost of the proposed new arrangement is less than the existing one, it clearly makes sense to consider it.
With a debt consolidation loan, you move all your borrowing, or a significant chunk of it, from a variety of locations onto a single loan.
We never take a fee from customers for this broking service.
Instead we are usually paid a fee by the lenders – though the size of that payment doesn’t affect how we show products to customers.
This is unsurprising: just as income generally rises with age, so do outgoing costs, such as mortgages and credit card debts.
As densely populated inner-city areas, this suggests that indebtedness may skew to an urban demographic.
This will help you try and avoid a rejection for credit, which will be recorded on your credit report and lower your credit rating.
Our Eligibility Checker tool performs a soft search, which means there’ll be no record of the search on your credit report.
Discover Card is serious about safeguarding your personal information online.
When you access your account and perform transactions on the Discover site we use 128-bit-Secure Sockets Layer (SSL) encryption technology-the most widely used method of securing internet transactions available today.