A loan may be able to help your consolidate your debts.
If you have more than one debt, some at a high interest rate, a debt consolidation loan may be able to reduce your interest.
A loan to repay your debt may mean that you pay more money over a longer period, so always check the details.
Debt consolidation loan
A loan taken out to repay debts is normally called a debt consolidation loan.
You don’t have to get a loan called a debt consolidation loan however, in theory any type of loan – whether an unsecured personal loan or a secured loan – can be used as a debt consolidation loan.
Some companies may however offer specific debt consolidation loans, whether or not these are the best rate or deal for you depends on the circumstances.
Debt solutions in Ireland
If you are struggling to repay your debts it is usually a good idea to speak to your lenders, as they may be able to help.
You should also consider speaking to a debt advice organisation or debt adviser as they may be able to suggest appropriate debt solutions to you that are available in Ireland.