Is it best advisable to consolidate?

DMcE15

Hi
I have 4 personal loans ,two store cards ,and a credit card ,I cant afford the monthly payments - is it worth consolidating or does this always increase your debt further?

DCFC79

It does increase the debt, depends what's on the loans and cards and your salary.

dealer_wins

I would say you have a zero chance of consolidating. Post on the "debt free wannabe" board and look to cut back your outgoings to the bone.

iolanthe07

Consolidation does work for some people, but you have to be very disciplined. For most it just makes things worse. Just read some of the numerous posts on the debtfreewannabe board from people who have consolidated over and over again until they are in deep trouble.

Caz3121

DMcE15 wrote: »

Hi
I have 4 personal loans ,two store cards ,and a credit card

How much is the total that you would be looking to get a loan for and how does this compare to your salary?
The other issue with consolidation loans is that the lender cannot be certain you will pay off your existing debts so they include them in the calculations
eg current debts = £15k, loan £15k = total debt £30k which would, as a rule of thumb, need a £60k+
Best to address the route cause, start with debt free wannabe board and then maybe you would be looking to one of the debt charities