If you have a range of loans and credit that you have to repay each month, you're in good company. Latest statistics show that in the UK, there is over £1trillion pounds of personal debt. As society has changed from our parents' and grandparents' day, where if you couldn't pay for what you wanted in cash, you didn't get it, people are now happily prepared to use credit as a way of life. No longer it seems are we prepared to wait and save up for the things we want. If we see something, we want it and we want it now.

A whole industry has evolved, largely within the last 15 years to take advantage of this way of thinking. There are literally thousands of lending products to meet the demand and to meet the differing financial circumstances of each and every one of us. That's not to say that we could all be accepted for a loan of any amount and for any purpose. That day has still to come but at least there are more ways in which we can choose to borrow money and organise our repayments.

Not surprising then that with a wide array of credit available including mortgages, secured loans, unsecured loans for homeowners, unsecured loans for tenants, tenant loans, bridging loans, business loans and commercial mortgages, credit cards, store cards, catalogues etc, we can sometimes find it difficult to keep track of all of our various agreements and this can lead to problems if we are not very careful.

Every time we apply for any form of credit, we create a record on our credit file. A prospective lender can view this file (with your permission, which needs to be granted if your application is to go any further) to see what your repayment history is like. It will show how many times you have applied for credit, whether you have repaid as per the agreements you have taken out or whether you have fallen in to arrears, defaulted or even received CCJ's for non payment. It is easy to miss a repayment if you have lots going on and it can affect your chances of getting credit in the future. This is one of the key reasons that people opt for debt consolidation loans.

Unsecured loans for tenants and tenant loans are different in many ways from other forms of credit (particularly mortgages and secured loans) in that you do not need to guarantee the loan against your property but the fact that you have no security in real terms means that the lender may well scrutinise your repayment history in a much stricter fashion. As a result of missing a repayment, the next time you want to borrow money, they may reduce the offer to you; increase the interest rate that they charge or a combination of both. Worse still, they could even refuse to lend you the money at all!

Another advantage of debt consolidation loans is reorganise repayments into one so that you pay them off over the longer term, leaving you with more disposable income each month. Whilst this may mean that in the long run, you may pay more for your credit in interest than you are paying now, you may find it easier to manage each month.

Unsecured loans for tenants and tenant loans for debt consolidation are it seems, a popular choice. You can put all of your outstanding credit balances into one monthly repayment, organise the loan over a longer term if required so that it's easier to manage each month or even convert high interest credit such as credit cards and store cards into a potentially lower interest rate with unsecured loans for tenants and tenant loans. The choice is yours. What will you do?

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