Debt consolidation loans falling as other debt solutions rise

Recent research has shown that the number of people seeking debt consolidation loans is falling. This would indicate that people are opting for other debt solutions which may be more beneficial for their particular circumstances.

Other debt solutions include:

· Debt Management

· IVAs (Individual Voluntary Arrangements)

Which debt solution is best for you will depend upon your individual circumstances. For some people debt consolidation loans will still be the best option, particularly if they are paying off a large number of high interest debts such as credit cards.

For others an IVA will offer them the best route out of their debt problems, reducing their debts by up to 70% before dealing with a new repayment schedule. Debt management offers similar advantages to an IVA where debts are lower and fewer debts are owed.

IVADebtProblem.co.uk offer a debt calculator (above) which can guide you to the best solution for your particular debt problems. You need only enter your current amount of debt, how many companies you owe money to and your current debt repayments and it will offer you guidance on the best steps for you to take next.

Debt advice is available free of charge by phone or online - just follow the links above for more debt help.

Categories: Debt