If you're in debt, and you want to get out of it, one thing to consider is a debt consolidation loan. In simple terms, you take out a large loan, usually secured against property you own, and use the large loan to pay off all your smaller debts.

Usually the smaller debts will be at high interest rates (such as credit cards and unsecured personal loans). As the consolidation loan will be secured against your house, the interest rate will be lower. You will therefore be better off because you'll be paying out less in interest each month.

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