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Is it time to consider a consolidation loan?

A number of people in the UK have been looking towards consolidation loans to try and address their personal financial problems but many people have put off taking action in the hope that the UK economy would recover. However, with the likelihood that the UK economy will not move into a boom phase in the short to medium term, higher unemployment and £60 billion wiped off the budget deficit the short-term prospects for the UK economy are not good.

However, before looking towards a potential consolidation loan it is vital that you take professional financial advice to ensure you are doing the right thing and you are looking at the right terms. It can be just as bad to try and pay off a little too quickly, placing more pressure on yourself, than paying off a loan to slowly and building up interest over the years. Finding the balance between these two extremes is the job of the financial services industry and ultimately your financial advisor.

You may well find that your situation is not as bad as you assumed upon talking to your financial advisor and a few tweaks with regards your budget and your assets may give you breathing space in the short to medium term. The likelihood is that whatever you're thinking now will be worse than the reality.

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