Struggling borrowers 'should consider debt consolidation'
Struggling borrowers 'should consider debt consolidation'
Monday 22nd December 2008
According to the Aberdeen Press and Journal, people juggling mortgage payments, credit card bills, overdrafts and personal loans could "make life more affordable" through some sort of refinancing scheme.
While conceding that this option is "not for everyone", the newspaper states that a debt consolidation programme is often useful for those struggling to meet monthly payments.
Homeowners may wish to consolidate their debts by remortgaging, although the Press and Journal notes that not all lenders offer such deals and warns that the criteria will vary between different mortgage providers.
People looking to change their mortgage are advised to consider a tracker or variable rate deal to take advantage of the recent interest rate cuts.
According to recent figures from the Council of Mortgage Lenders, 75,000 repossessions are set to take place in the UK next year due to unpaid mortgages.
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