Most people are receiving their first credit card statements since Xmas.

Even before this above average spending time, many people already had very high credit card balances, as it was far from unusual for many to be virtually forced to pay for the essentials of live such as food, clothing and utilities with their cards,due to a down turn in their incomes over the past few years.

The festive season cots a lot as everyone likes to visit their friends and family and to give them presents.

It is no wonder that credit cards have been maxed, as not only are there so many expenses in general, but kids these days want so many costly presents.

It is at this point that many, burdened with too many debts, remember that they have heard of an expression called debt consolidation or just consolidation.

They can even recall that, a few years ago, friends mentioned that he had taken out a consolidation loan and at the time they spoke in glowing terms about these debt consolidation loans and what a good impact it had made to their life.

Debt consolidation loans used to be in front of everyone, as there used to be a lot of adverts for it. It is a pity that many have forgotten about debt consolidation as it is a very useful thing.

As we have already stated, debt consolidation is the combining of a number of debts in credit cards, hire purchase, etc.into a single payment that has a much better interest rate than the credit that it replaces,and in addition to saving a lot of money there is only one payment to be made instead of a number.

The best means of carrying out debt consolidation is by a remortgage or a secured loan that pay off all the high interest debts and with remortgages costing from less than 2% and secured loans from 9% compared to up to 40% for credit cards, it must be very obvious how much can be saved by using remortgages and secured loans as consolidation loans