My wife came up with an interesting idea with our debt

I know that many people hate debt consolidation loans and if this is you than this post is not for you. This is our story and is suited to our situation.<br><br>So with the recent increase in interest rates my wife and I decided to take drastic action with regards to our finances. We between us have just over £10k in debt. The worst of this has an interest rate of 42% so we decided to consolidate it into a lower interest rate loan. We have taken out a loan with a much lower interest rate (10%) which we can pay back in a set amount of time, and is a fixed amount every month. <br><br>This means we can easily budget it in to our monthly outgoings and we are saving about £150 a month in interest payments. <br><br>This is very early days to see the effects of it, but it is looking very promising. I just wanted to offer this idea as I never have seen it suggested anywhere else.<br><br>TLDR- got a consolidation loan with a lower rate to pay off our debts. Has so far saved us £150 a month in interest payments