Consolidation Loans Guide
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In 2002 the average UK adult had more than £3,800 of unsecured debt to
their name. These debts are usually at a high rate of interest over short
periods of time. Rising house prices means that many consumers have positive
equity in their homes which could be used to get a secured loan to consolidate
their debts.
Because secured loans allow consumers to combine all their debt into
one loan with one monthly payment, secure loans have been an effective
debt consolidation tool. Since secured lenders are comfortable with longer
terms than unsecured lenders, such debt consolidation will reduce the
monthly outgoings for the consumer. The longer term might mean that more
interest will be paid over life the loan but the monthly repayments will
be more manageable - An attractive proposition for people struggling under
the burden of their debts.
Even if you have a history of credit problems, secured lenders will still
extend you credit albeit at a higher rate of interest to reflect your
poor credit history. This makes secured loans a possible debt consolidation
tool for the people who quite often need it the most and are already struggling
under the weight of debt. If your debts have already started to negatively
impact your credit record, consolidating your debt with a secured loan
might still be an attractive option for you. Of course, you will need
to couple this strategy with a monthly budget which ensures that you live
within your means while you are paying off these debts.
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for consolidation loan quotes.
Our Partners:
At 1st personal Loans we have partnered with some of the UK's leading
personal loans providers. Whether you have CCJs, been declared bankrupt
or are self employed, we have the personal loans providers to help arrange
a loan for you.
Our partners include:
YOUR HOME IS AT RISK IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR
OTHER LOAN SECURED ON IT. All loans are subject to status. Written quotations
are available directly from the lender on request to the lender. A broker
fee might be due on transactions completed through this site.
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