It takes some Superstars years to reach the top of the mountain, but these five Superstars won the WWE World Heavyweight Championship before their 30th birthday.
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You may like article: Debt consolidation loans
Consolidating all your debts into one loan might appear to make life easier but there may be better ways to pay off debts. Find out more about how debt consolidation loans work, then get free debt advice before you make a decision.
What is a debt consolidation loan?
When should you consider a debt consolidation loan?
When getting a debt consolidation loan doesn’t make sense
Debt consolidation loans that don’t put your home at risk
Fees and charges for debt consolidation loans
If you choose a debt consolidation loan
What is a debt consolidation loan?
If you’ve got lots of different debts and you’re struggling to keep up with repayments, you can merge them together into one loan to lower your monthly payments.
You borrow enough money to pay off all your current debts and owe money to just one lender.
There are two types of debt consolidation loan:
unsecured – where the lender has no claim on your other financial assets if you miss repayments
secured – where the amount you’ve borrowed is secured against an asset, usually your home. If you miss repayments, you could lose your home
Secured debt consolidation loans
Debt consolidation loans that are secured against your property are sometimes called homeowner loans.
You are more likely to be offered a secured loan if you owe a lot of money or if you have a poor credit history.
You should get free debt advice before you take out a secured debt consolidation loan.
When should you consider a debt consolidation loan?
Consolidating debts only makes sense if:
you end up paying less interest than you were paying before
the overall amount you will repay won’t increase
you use it as an opportunity to cut your spending and get back on track
you can keep up the payments until the loan is repaid
you can afford to pay off any fees or charges to your old lenders for switching your loans
Before you choose a debt consolidation loan think about anything that might happen in the future which could stop you keeping up with repayments.
If you can’t stop spending on credit cards, for example because you’re using them to pay household bills, this is a sign of problem debt. You should get free debt advice before taking out a debt consolidation loan.
If you choose a debt consolidation loan
Get advice before you make a final decision. There may be better ways to clear your debts that you haven’t thought about.
Shop around using comparison websites to find the best deal
Don’t just look at the headline interest rate. Compare the APR (the annual percentage rate) as this will include extra costs such as an arrangement fee
Cut up your credit cards and cancel any agreed overdraft limits to avoid the temptation to spend again
