Debt Consolidation
What is Debt Consolidation?
Debt consolidation may be a viable option for many people who feel they need help clearing their debt. And combining your payments into one low monthly amount could seem appealing.
- Mortgages / Re-mortgage: Typical APR 8.5%
- Secured Loans: Typical APR 14.5%
Debt consolidation allows you to consolidate your outstanding debts into one manageable loan. This fixed monthly payment normally offers a lower interest rate, which effectively lowers your monthly repayments.
A debt consolidation loan is most likely a secured loan. Although an unsecured debt consolidation loan is possible, but the interest rates would be much higher.
There are numerous things one needs to consider before opting for a secured debt consolidation loan. Firstly, taking out a secured loan against your house is always risky. Be 100% that you are able to obediently make your monthly payments before signing on the dotted line or your home is at stake.
There are other debt consolidation options available that will allow you to consolidate all existing debts into one monthly manageable payment without taking on a further loans or credit such as Debt Management Plans, Individual Voluntary Arrangements and Protected Trust Deeds.
Useful Links
Debt Consolidation
Consolidation - Pros & Cons
Consolidation - Alternatives
Consolidation Loans
Bad Credit Loans
Home Owner Loans
Personal & Car Loans
Remortgages
Secured Loans
