Things to consider
While debt consolidation may make it easier to manage your money, it’s important to check and consider the total amount you’ll end up repaying.
Every loan is different. The amount you borrow, the term length, and the interest rate, will all determine how much you end up paying back. Early repayment charges may be incurred from existing lenders and you might end up paying more overall, even if the new loan has a lower interest rate.