There are plenty of good reasons to consolidate your debts, and you don't have to be in financial difficulty in order to benefit.
Even if your finances are fairly healthy, consolidation can cut your monthly outgoings, leaving you more money for savings, to help with rising bills, or to pay back your loan more quickly (subject to terms and conditions).
Compare that to a credit card or personal loan with an APR of 16% over three years.
Then your monthly repayments would be £351.57 and you'd pay £2,656.53 in interest over that shorter time.
Another way that consolidation can cut your monthly outgoings is by letting you extend the repayment period.With most borrowing the longer you take to repay the more interest you'll pay, although for some people reducing their repayments is worth it.However, as a debt consolidation loan will usually have a lower interest rate than your existing financial products, you may find you could borrow over a longer period and still save money.Remortgage rates may be attractive, but pay attention to arrangement fees and other costs.If you can find the right credit card and manage it responsibly it could be an attractive alternative to a loan.