Unfortunately the recession seems to have recently taken its toll on me with mounting Credit Cards, having to take a lower paid job after loosing mine I’ve needed to find a quick solution to reduce the amount of Interest I’ve been paying across multiple Credit Cards and an Unsecured loan I took on a timeshare I purchased 2 years ago.
After sitting down and assessing my debts I was able to work out that I owed 18,000 across 3 Credit Cards & 1 Loan – the interest I was paying was huge! After seeking advice it seemed that Debt Consolidation was the only quick solution to the mounting debt problem.
By taking out a debt consolidation loan I’ve been able to reduce the amount of interest I’ve been paying vastly, freeing up Cash to start doing things with my family again. I have since decided that Credit Cards are deffinitely not for me! If you get into a similiar circumstance I would recommend cancelling them immediately, destroying all temptation to spend more.
Of course its also important to realise the disadvantages of Debt Consolidation which include the fact that its secured against my house and will take me longer to repay overall. That said I was in a desperate situation and have got out of it and am able to continue living comfortably.
You have a valid comment on credit cards. Way to many of our population have succumbed to the marketing of the big banks in allowing themselves to balloon their debt to the point of no return, thus requiring debt consolidation loans.
A more proactive solution would be to legislate some control into the marketing by the banks, & legislate some reasonable caps on the interest rates charged.