Debt consolidating online
When consolidating debts, work out how big a loan you will need and check the interest rate, as rates are usually tiered depending on how much you borrow.
As a general rule, rates are lower the more you borrow, but don’t forget the golden rule: never borrow more than you can afford to repay.
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.
Interestingly, people who are 75 require the second lowest loan amounts, possibly due to the long-term financial assets that many older people have.
According to CACI*, just 5% of people in this age bracket are over-indebted.
Young people aged between 18 and 24 tend to require much lower loan amounts than middle-aged people.
This is unsurprising: just as income generally rises with age, so do outgoing costs, such as mortgages and credit card debts.