And if you’re leaning towards a balance or money transfer card, this’ll allow you to get an understanding of the fees involved, and whether or not their limits are enough to cover what you owe. (Some brokers — like us, hey! Do you feel stressed by the debt you owe and by having to pay dozens of bills every month to meet your financial obligations? If you have ten debts to pay each month, you must make ten payments. This means you can focus on paying back the debt itself which should mean you can pay it off quicker. Now that you understand this process, if you would like to use it, it would be helpful to start looking for a company that provides debt-consolidation loans. Most of the remainder of this post will address the second type of debt consolidation: debt payment consolidation. It is quite simple, actually. There are a number of reasons people opt to consolidate their debts and, contrary to popular belief, not being able to manage them isn’t always the main driver. For secured loans a broker fee of up to 7% of the loan amount may be payable. As with most loans, there are two types of debt consolidation loan: secured and unsecured. This might slightly vary depending on the route you’ve gone down, but, quite simply, all you need to do is use the funds you’ve been granted with either your loan, balance or money transfer card to pay off your existing lender in one lump sum. You can become a confident consumer sought after by lenders in just a few short years. Suppose that you and your spouse have five credit cards, each with a balance of $5,000.