Remortgaging could help with debt consolidation, claims Ocean Finance

Posted on Thursday, June 5 by Joy Tibbs

According to figures from OceanFinance.co.uk, 29% of people with multiple unsecured debts are planning to consolidate them by October.

Approximately 40% of those who plan to consolidate debts in the next five months said they will do so with a personal loan. Around 36% said they would use a low-interest credit card and 24% plan to remortgage. Remortgaging was most popular among those aged between 25 and 34 (12%).

The research also showed that 35% of men who had debts were likely to consolidate compared with 23% of women with debts.

Ocean Finance spokesperson Ian Williams comments: “When you have lots of small unsecured borrowings – perhaps with high interest rates – eating a hole in your monthly budget, consolidation may be a suitable solution.

“By remortgaging, using a low-interest-rate credit card or a secured or unsecured loan, you might be able to raise the funds you need at a lower rate of interest than you’re currently paying, so you can clear your unsecured debts in one go.”

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