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Loan Glossary: Debt Counselling

Debt Counselling

Are you having difficulty managing your money? You may be considering loan consolidation, taking out one loan to cover all your existing repayments. Be careful you don't end up even deeper in debt! The interest rates and fees charged by consolidation loan providers can be much higher than those available from high street lenders. Such loans may also come with onerous payment protection insurance.

If you are starting to struggle, your first port of call should be one of a number of free advice services to help you manage your debts:

Step Change
www.stepchange.org
0800 138 1111 (8am-8pm Monday-Friday, 8am-4pm Sat)

Citizens Advice Bureau
www.citizensadvice.org.uk
Adviceline (England): 0800 144 8848
Advicelink (Wales): 0800 702 2020

See also: Financial Services