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People are struggling to manage their debts and with a large number of fixed-rate mortgages coming to an end in the next year, it will become more difficult for the borrowers. Credit is likely to become even more difficult to obtain in the near future. Figures from an independent loan comparison website revealed that 38 per cent of people who had applied for a new credit card in the past three months were turned down. One-fifth of the applications for a new personal loan were also rejected.

For the borrowers with bad credit, debt consolidation loans come very handy in preventing their financial condition from deteriorating further. It gives the unique opportunity to rebuild their credit and build a sound financial base. Moreover, since the loan taken at this instance is not immediately repayable, the borrowers get enough time to prepare for repayment. These loans help them consolidate debt and manage your overall budget.