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Why consolidate debt?

Why consolidate debt?

People consolidate debt to save money and make their financial situation more manageable.

Consolidating debt generally involves negotiating a new loan to pay off several existing loans, outstanding credit card balances or other debts.

When you consolidate debt, you could look for a new loan with a lower rate of interest than your existing borrowing, which will reduce your outgoings.

Having just one loan could be more straightforward and easier to manage than a number of payments to different lenders required at different times of the month. If you are approved for a new loan with a fixed rate of interest, your repayments will be the same each month, which may help you when planning your finances.

Once you consolidate any debt, it's essential that you try to avoid building up any further debt until you are sure you can afford it. If the consolidated debt is secured on your home, you must be aware that your home may be repossessed if you do not keep up repayments.

If you currently have a loan with us, you could be eligible to top it up – giving you the extra money needed to clear any other debts you have.

At Barclays we offer...

Personal loans