Probably the biggest benefit of consolidation is the psychological benefit. Imagine how you would feel if every month you were scraping around for the cash to pay all your debts, Loans for people on benefits with too little money to even eat properly. For anybody that finds themselves in this situation the relief that is felt on successful consolidation of their debts can be massive, and quite often feel like a huge weight has been lifted off them.

It is worth noting that anybody consolidating their debts should make sure that they destroy any credit cards that have just been repaid. Not doing so can result in a repeat of the issues that they were experiencing prior to consolidating their debts. It is however best to keep the accounts open as this will also help maintain a healthy credit record. This is the case because when assessing your credit score quite a large portion of it is made up of the difference between what you have been approved for and how much you have actually borrowed. The larger the gap the higher your credit score.
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