One possible alternative to debt
consolidation loans is a sell and rent back
arrangement. Fed up with borrow-spend-borrow-spend?
Chances are if you have
found this page you're already thinking that
consolidating your loans, with yet another
loan, might not be for you. And you may
Credit Action, a national money education charity, says if you're
about to take out a debt consolidation loan you
should be cautious. It says reports
suggest, "the majority of consolidation loan
borrowers go on to accumulate further debt" and
that "Fool.co.uk has found
that three out of five consumers who opt for
consolidation loans generate more debt".
So it seems the odds
are stacked against you.
But there is at least
one alternative to debt consolidation loans you may
not have thought of....
Credit Action is quite correct to warn people to be
We have found (all in the name of research)
that some of the so-called "Advisory Services" are not all they
Many are "independent" in name only. It's just clever
packaging. Web sites and adverts dressed to look like independent no-cost services in the
style of genuine independent services like National Debtline and CAB.
These are no
more than marketing fronts for the financial service companies keen to sell you
a debt consolidation loan!
You may already be thinking you'd be better off selling
the slate clean and starting over.
But there might be
another way to get a fresh start.
Perhaps you haven't
thought about a sell rent scheme? A sell and rent
back arrangement allows you to sell your home
without having to leave your home.
Imagine, you don't have to find somewhere new to
live. Yes, you can wipe out your loans and debts and
remain in your home.
there a real alternative to debt consolidation loans?