The National helps readers answer personal finance questions with the help of debt panelists which includes Ambareen Musa.

My total loan amount is very high at nearly Dh1 million. I’m willing to pay Dh20,000 every month if someone can help me. I can give them postdated checks and will not run away as I have nice job, salary and have never defaulted on my credit cards or personal loan payments.

Here is what the debt panel had to say:

Debt panellist 2: Ambareen Musa, founder and chief executive of Souqalmal.com:

The first step is to check the eligibility criteria set by the banks that offer consolidation loans. If debt consolidation is an option, this is how it can help. By combining multiple debts owed by you – outstanding credit card debt and/or the outstanding amount on your personal loan or car loan, into a single loan, debt consolidation lets you take advantage of a lower interest/profit rate and lower monthly instalments spread over a longer tenure.

For full article go to The National