Secured Debt Consolidation Loan: Live A Debt Free Life
Borrowers have to make only one payment. Instead of dealing with multiple creditors, the consumer will have to pay only one lender from whom he has borrowed the amount. If the consumer can afford to place a security in the form of his/her home against the loan amount, then he can be assured of low interest rates. In fact, secured debt consolidation loan is the best solution for those suffering from adverse credit ratings. The lender in return tries and persuades the other creditors to reduce the interest on the debt. At times the interest rate can be slashed to almost 30 per cent. Creditors are willing to cut the interest because in case the debtor declares bankruptcy then they will not get anything.
The lender will keep a tab on your credit cards. The idea behind this loan is to get you back on your feet. If the borrower continues in the indiscriminate spending then he/she cannot be on the road to recovery. Most often than not, the lender will cancel some of the credit cards which have a huge debt against it. Most credit cards charge 30 per cent interest rates. As far as the annual percentage rate (APR) is concerned, debt consolidation loans are a cheaper bet than credit cards.
Related Tags: secured loans, secured business loans, secured debt consolidation loans, uk secured homeowner loans
The author is a business writer specializing in finance and credit products and has written authoritative articles on the finance industry. He has done his Master in Business Administration and is currently assisting Finance-hub as a finance specialist.
For more information please visit: http://www.finance-hub.co.uk
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