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Caution advised with debt consolidation

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    A debt advice company has warned customers to "think twice" before consolidating their debts. Accuma Group said that many consumers who are having trouble with credit and store card repayments are not getting independent advice on how to manage their finances.
    Many consumers are turning to debt consolidation as their first solution, which may not be the best decision, said the group. Turning unsecured debts into secured debts against their home can put consumers' homes at risk if they cannot borrow enough money to cover all their debts.
    "They still end up juggling their payments and often don't cancel the cards that caused the problem in the first place," said CEO of Accuma, Charles Howson.
    "Consumers can find themselves even deeper in debt than before and their home can be at risk."
    National Debtline offers similar advice.
    "We would be very wary of suggesting a debt consolidation loan as a solution to debt problems," said a spokesperson.
    UK personal debt reached £1 trillion in 2005, of which £820 billion was secured.




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