Loan Consolidation in UK

Loan Consolidation involves putting your loans into one particular place to get the best rate of interest. A common example of how loan consolidation can help is if you have credit card debt that you pay 17% interest. If you can take out another loan at a lower interest rate then you can save yourself considerable sums of money over the course of a year. For example if you moved £5,000 from a credit card debt to an unsecured loan at 7% you would effectively save £500 per year from moving and consolidating your debt.