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Debt consolidation was one option some people have turned to when dealing with difficulties paying bills, a recent survey shows.
According to the poll from Mintel Comperemedia, 37 percent of respondents said they looked for help in the past two years in order to deal with their debt. Of those, more than one-third sought assistance through credit counseling or firms providing debt consolidation.
Susan Menke, a behavioral economist with the firm, said that the survey shows lenders have a "tremendous opportunity" to give assistance to customers who are finding it difficult to find strategies for the debt problems.
"While not everyone’s debt can be relieved, millions of potential new clients are up for grabs," Menke said. "Mintel’s survey showed most people who received assistance were satisfied, which means that debt assistance can be a positive part of lenders’ brand positioning."
Through debt consolidation, consumers can collect certain debts into one loan, often with a lower interest rate. As a result, payments are made easier through one bill while consumers may also stand to save money on what they owe.
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Tom Dewell
