Debt Consolidation Help

As Many as one in seven UK adults have turned to debt consolidation over the past three years in an attempt to get their borrowing under control.

Research from price-comparison website suggests that millions of people have taken out unsecured loans or remortgaged the house in a bid to put their debts in one place.

Debt Consolidation Help

It found that the average loan taken out to clear previous debts was as high as GBP13,000.

Unsecured personal loans were the most common form of Debt Consolidation Help, with 36% of consolidators favouring the option, but a sizeable chunk are prepared to add to the cost of their home loan, with 18% remortgaging.

Transferring debt to a zero-rate credit card was the favoured method of 15% of consolidators, research found.

The survey took in the opinions of more than 2,500 adults nationwide.

Regionally, the highest amounts being consolidated at GBP16,065 were in Yorkshire, while East Anglia and Scotland followed with GBP15,642 and GBP14,439 respectively.

Research indicated that up to 360,000 people - around 6% of consolidators - took out a loan greater that GBP50,000.

Sean Gardner, chief executive of, said: "The UK's debt crisis is a serious concern and borrowers are starting to feel the strain.

"Debt consolidation help is entirely sensible and a good way to get your finances under control if you owe money to different lenders at varying rates of interest. However, it only works if you accept consolidation is a wake-up call to get your borrowing under control and then work to become debt free."

COPYRIGHT 2007 Financial Times Ltd

Debt Consolidation

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Debt Consolidation

The downturn in the mortgage industry has made it easier for a California-based debt-resolution firm to rapidly expand its Tempe operation.

Freedom Financial Network provides consumer finance education and debt consolidation resolution services nationally. Its sales and marketing, and consumer finance consultations take place in its Tempe office, at 4545 S. Wendler Drive.

"The Tempe center has evolved into the linchpin of our business," said Brad Stroh, co-CEO of Freedom Financial. "We have over 60 employees there today and the plan is to grow it to 150 or more employees within the next 12 months."

The Tempe office opened in spring 2006 with just four employees. Business is booming because consumer debt is at an all-time high and more people than ever need help managing their debt, he said.

"One thousand or more people a day are requesting our services and a free consultation," Stroh said. Layoffs in the mortgage industry have made it easier for Freedom Financial to hire the people it needs to expand, he said.

"We're able to recruit debt consolidation and maintain some very talented people who are coming from the mortgage business into the debt-consolidation business," Stroh said. "A lot of the mortgage brokers who have joined us, they were in the business of getting people into debt ... and now that they're coming over to our business, they're actually helping people to get out of (debt) and save money."

The downturn in the mortgage industry provides an opportunity for employers like Freedom Financial debt consolidation to hire well-qualified individuals, said Don Wehbey, senior economist with the Arizona Department of Economic Security. "Obviously it requires little training and they do know the industry, and they can hit the ground running," he said.