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I am constantly amazed at the pitch of adverts for financial services here in the UK, Often using animated cartoon characters, jokes songs and in my opinion utterly irrelevant guff to sell financial services. Debt consolidation is no exception, what annoys me is that hardly ever are the mathematical, empirical facts of the services revealed clearly and simply. What really annoys me is when trusted household names, celebrities, make a few extra bucks for themselves endorsing financial services.

In my opinion the worst example of which is Carol Vordeman who is renowned in the UK as a mathematics genius. As I, and I assume the hope of the debt consolidation loan companies is that people link Carol Vordemans mathematical skill with this particular product, because she is endorsing the product and because she is great at maths the product must make mathematical sense, and be good value.
"that must be the best deal on consolidation loans because Carol Vordeman has worked it out and she's never wrong with sums." One might easily assume. But is it never believe the hype always work out for yourself the true cost of any borrowing!

The TV adverts again in my opinion are bad enough below is an example of the same celebrity endorsement of debt consolidation companies online. Of course you must get the facts for yourself and form your own educated opinion.

The Debt consolidation company web site even states "Keep More Of What You Earn"
Below which is a picture of Carol Vordeman the celebrity presenter and renowned mathematics expert, with the main reasons to get a loan with the company in a bulleted list.

The start of the site I feel encourages users into debt consolidation to get rid of existing loans, home improvement "or that holiday you deserve". Only at the very bottom of the page does it state your house may be repossessed in you don't keep up repayments.

The next headline is "Keep more of what you earn" below which is a mathematical comparison showing an example of debt consolidation & a loan for home improvements combined of 31000 pounds which actually costs £14401.64 in interest payments. The next headline states that with the debt consolidation loan this could add up to "massive monthly saving of 57% which is £501.56 a month better off. In fact when you look at the details on the site. Compared to a range existing debts, loans and credit card debts totalling 21000 pounds. The borrowing actually costs £5598.51 in interest.

So when you actually compare the debt consolidation loan actually involves an increase in interest repayments of £8803.13

I have to ask myself how spending nearly nine thousand pounds more with the debt consolidation allows you to keep more of what you earn. How those sums add up and how Carol can take a fee endorsing the product. I couldn't.