How Debt Consolidation Can Help You In Later Life


No matter which way you look at it, the word debt seems to strike fear in the hearts of many people, and none more so than children of the 60’s.

For some reason, the older generation sees being in debt as a tad shameful and something to be avoided at all costs.  As if to give themselves some moral high ground, I’ve often heard mature people proclaim ‘I don’t owe anybody anything’.

But is that something to be proud of, or, could it indicate that you’ve denied yourself some luxuries, or not enjoyed your life as much as you might have otherwise if you’d taken out a loan, however large or small to live more comfortably or to help your family perhaps.

But despite your best intentions, what happens if, in later life, you do find yourself with a few different loans which are all incurring interest, and are in fact causing you some worries.

Most Important – Don’t Worry!

If you are living life to the full it’s likely you may have invested in a motorhome, or a new car to enjoy during your retirement. You may have kindly helped your children with a deposit for a house or supported a Grandchild or two through University. You may have enjoyed some long-haul holidays courtesy of your credit card, or revamped your home or garden.  All these things cost money and are things over and above the cost of day-to-day living.

Sometimes all of a sudden you decide to take a look at your finances and realise that you have 3 or 4 outstanding loans which are all incurring interest at an alarming rate.

To alleviate some of your concerns, it could be time to consider if debt consolidation might help you.

How does Debt Consolidation work

Quite simply, you replace all of your outstanding loans, such as credit cards, car finance, house improvements, with just one loan, and one interest rate. Very often this can be at a lower interest rate than the ones you are already paying. It tidies up your outgoings and is more manageable than having your money going out to so many different organisations.

Secured or Unsecured Terms

There are two types of consolidation loans, secured and unsecured.  If you choose secured, the loan will be offset against your home and will take into account the amount of equity you have in it.  The interest rate for this type of loan can be lower as the lender knows it is exactly that – secured.  But don’t forget any loan secured against your property immediately puts your home at risk, you must be sure you can meet the monthly payments for the length of the loan term.

An unsecured loan is riskier for the finance company as the security is merely backed by your promise to repay it, thus the interest rate could be higher.  Things to consider here are that if you fail to pay back the loan or miss a monthly payment, your credit score will be affected.  Before taking out an unsecured loan make sure it works for you.

When Debt Consolidation is NOT the right choice

If you are already having difficulty meeting the monthly payments of your outstanding loans, having them all under one roof, so to speak, really won’t make much difference unless you manage to fix a considerably lower interest rate. You will still owe the money, and you will still have to pay it back, but just to one lender, instead of maybe 3 or 4, and let’s face it, in later life the opportunities to earn extra money diminish by the year!

No matter how old you are, if you are already struggling, then you need to seek a different kind of solution and talk to a debt counsellor, or your local Citizens Advice office.






Spring Competition Time

Spring is in the air, and it’s always a great time for new beginnings and possibilities, so here is our latest free competition giveaway.  This M&S Hampton Gift Box is packed with goodies, to lift your spirits after these past few months of grey skies.

There are plenty of ways to enter, simply scroll down to the Rafflecopter widget below to see the options. You will also see the terms and conditions below as well as all of the blogs taking part – please do take a moment to visit them to show your support to them.


Bloggers Taking Part

Here is a list of all of the bloggers taking part in this giveaway – please show your support by visiting them.

| Mortgages After 60 | Madam Blunt | Valid Articles | Frugal Blogger Eats | Homescapes Interiors | BPA Free Kids | The Everyday Domestic | Maternity Money | Tadof | Life Changing Side Hustle | Successful Mess | Buddin a Community Garden | Fun Free and Frugal | Shake a Cocktail | Karen Appleyard | Money Matters UK | Your Property Your Life | Sit and Take in the View | Live Well Way | Life and Style | Not Got a Clue | Life Style Saving Techniques | Real Girls Wobble | Lifestyle Original | Our Handmade Home | Mums the Wurd | Houston Marcha | Introverted Travel Space | The Happy Piggy Bank | Esp Italia | Sweet Oven Lovin | Money Saving Tips 4 U | Robyn’s Photography Academy | Robyn’s Photography | Balance the Budget | Life with more Sparkle | The Elements of Blogging | Bitten Food | The Travelling Type | Matched Betting Today | Live Life Love | The Money Raven | The Thrifty Princess | Bark and Bites | The Work Place Designer | Mum’s Guide to Life | Craving Christmas | You can make Money on the Internet | In Home Insights | Manifest with Loa | Project Poppet | That Copper Life | The Free From Mummy | Health & Beauty Tips | Sahara Vibes | Swift Earning | Filuv | Lifestyle of a Londoner | Pesto and Margaritas | Our Life Interrupted | Crafting Her Blooms | Single Dads Guide to Life | Travel Bugs | Discover Kent | A Little Luxury for Me | Ericales | My Next Wedding | All Sorts of Jazz | Fully Money | Make a Little Money | Christmas Ahoy | Several Ways To | Better Best You | Nishiv | Vegan Book | Michelle Amy Weddings | Love Our Home and Garden | Spiritual Life Learning | Know Health | Kiddoco | Garden Teacakes and Me | Discount Days Out | Gin and Gemini | Bujo Heaven | The Shop for Her | Big Boys Cry | Accounting Page | Active Gardening | Pickles in Paradise | A Little Life of Lovely | Gepun | Birds and Lilies | Notes From a Kitchen | Sand and Sunshine | Go for Lifestyle | Great Yoga Tips | Wake Up It’s Monday | Have a Fab Day | Mrs Money Pot | Body Potency | London Fridge | Hello Sixty | The Parenting Insider | Side Hustle Q&A | Mudpies and Rainbows | Bells and Bouquets | Houston Marcha | Valid Articles | Homescapes Interiors | BPA Free Kids | Frugal Blogger Eats | The Finance Fettler | Doing the Impcosible | Multitasking Mama | Dieut | Cintas Planet | Eikad | Guide to World Travel | Money Money Money Online | Guide to Health & Fitness | Thrifty Husband

The Prize

This prize is an M&S Hampton Gift Box.

Gift Contents

  • Luxury Gold Tea Tin (250g/80 bags)
  • Sparkling Normandy Apple and Pear Juice (75cl)
  • Collection Apple and Fig Chutney (100g)
  • Collection Italian Chocolate Assortment (300g)
  • Collection Black Truffle and Olive Oil Hand Cooked Crisps (150g)
  • Collection All Butter Cornish Cruncher Biscuits (80g)
  • Roasted and Salted Large Peanuts (200g)
  • Collection Belgian Milk Chocolate Florentines (170g)
  • Collection Rye Sourdough Crackers (130g)
  • Hat Box

Terms and conditions

1. There is one top prize of an M&S Hampton Gift Box
2. There is no runner up prize
3. Open to UK residents aged 18 and over, excluding all bloggers involved with running the giveaway
4. Closing date for entries is midnight on 23.03.2022
5. The same Rafflecopter widget appears on all the blogs involved, but you only need to enter on one blog
6. Entrants must log in to the Rafflecopter widget, and complete one or more of the tasks – each completed task earns one entry in the prize draw
7. Tweeting about the giveaway via the Rafflecopter widget will earn five bonus entries into the prize draw.
8. 1 winner will be chosen at random.
9. The winner will be informed by email within 7 days of the closing date and will need to respond within 28 days with their delivery address, or a replacement winner will be chosen.
10. The winners’ names will be published in the Rafflecopter widget (unless the winner objects to this).
11. The prizes will be dispatched within 14 days of the winner confirming their details.
12. The promoter is Drew Media LTD t/a
13. By participating in this prize draw, entrants confirm they have read, understood and agree to be bound by these terms and conditions

Enter now

Simply complete any or all of the Rafflecopter entry widget options below to be entered. You can also tweet about the giveaway daily to earn bonus entries.
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