The distinction between two terms has become increasingly blurred. This is principally due to many companies offering both types of policy and grouping insurance and assurance titles in similar contexts, sometimes interchanging two terms. Richard Brown, Chief Executive of Moneynet.co.uk, clarified situation by stating, “most life insurance companies offer a wide range of insurance and investment services – for example pension, investment funds, investment bonds, car insurance, home & contents insurance, life assurance, and even loans. Sometimes a ‘life insurance’ company will call itself a ‘life assurance’ company but they mean one and same.”

More companies within financial services industry have realised that consumers are becoming increasingly baffled by choice of financial products available. Although this confusion has resulted in a certain amount of apathy, many firms are resolving situation by providing comprehensive information guides. This has lead to an increase in number of online financial guides and glossaries that have become available. Sites such as http://www.Moneynet/ or http://www.Moneyfacts/, and http://www.MoneyExtra/ not only provide comparisons of financial products, but also information to help consumers make informed decisions. With organisations like Which? writing publications such as ‘Be Your Own Financial Adviser’, focus has turned to providing consumers with sufficient information to make their own financial judgements.

Quick Tip... Shop around for a loan consolidation company. Compare interest rates and company reputation. Get as much information as you can about each potential company so that you will receive most manageable payment.

Another option is to make a settlement. If possible, it is best to try and pay off your debt in full or to make an arrangement for payments with creditor. Do not borrow money to pay off your debts. For most people, this only leads them deeper into debt.

Credit Counseling

Credit counseling agencies will contact your creditors and make new payment arrangements on your behalf. Most of them are able to get your interest rate lowered or even have your interest payments stopped.

Some families have found credit counseling to be one of best solutions for avoiding bankruptcy. It will also give you some breathing room, without creditors calling you off hook.

However, sometimes bankruptcy is only option. Personal bankruptcy allows people with overwhelming debt to get a fresh start. Although it will tarnish your credit rating, bankruptcy is sometimes only choice. In this case, it is important to find a good debt settlement company. As always, researching different bankruptcy companies and options is best thing you can do.