l SIMPLIFY your finances. Your debt consolidation loan replaces your multiple monthly debt repayments with just one, meaning repaying your debt is less hassle and much easier to follow.

l SIMPLIFY your finances. Your debt consolidation loan replaces your multiple monthly debt repayments with just one, meaning repaying your debt is less hassle and much easier to follow.

l Reduce your monthly outgoings. Most people who take out a debt consolidation loan are looking to reduce their monthly payments and make their debt more affordable.

This can be done by spreading your repayments out over a longer period of time, meaning each payment is smaller.

l The disadvantages are that your debt may be a burden for longer.

l If you decide to spread out your debt repayments with a debt consolidation loan, it will take longer to repay your debt.

This is not a problem providing you can afford the repayments, but it does mean you'll be in debt for longer - so there is more time in which something unexpected could crop up that could make it difficult to meet your repayments.