Sort Out Your Debt Problems With Remortgages And Secured Loans
Sort Out Your Debt Problems With Remortgages And Secured Loans
More people have financial worries than at any other time in their lives.This must come as no surprise, as we have just come out of the most dreadful credit crisis for seventy years.Many suffered pay cuts due to working less hours each week.The less fortunate even lost their jobs, and having been made redundant in the middle of a credit crunch, found it almost impossible to obtain another job, and as a result of all this many households were earning less than in the past.The extreme harshness of the UK Budget yesterday, which is the toughest Budget ever, bears testament to the fact that the economy is far from back to normal.The hike in VAT being raised to 20%, shows just how seriously bad the state of the finances of the entire nation is.It will take possibly years for normality to resume.There is not going to be a quick fix for either the world economy or individual finances of the public.The recovery is a long way off.They will have to take personal responsibility to sort out the outgoings of their own home and family.During the recession, people took out credit cards as if they were going out of fashion, to often buy, not luxuries as before, but simply to buy items needed for human survival, such as food, clothing,, heat and lightNow these cards have high balances, and are proving difficult to pay.There is an excellent way of tidying up finances and saving money, and granting yourself debt relief. The name for this process is debt consolidation.As the name suggests, this is the combining of all outstanding debt into a single payment every month, and can be achieved in a few different ways.It is theoretically possible, for both homeowners and non homeowners, to obtain consolidation loans from their own bank, for example, but these are almost impossible to obtain at present.Unsecured loans of more than 15,000 are no longer in the market, and this will often not be enough to clear all the debts anyway.For homeowners, the two best options are remortgages or secured loans .Both a secured loan and a remortgage are forms of home loans, secured on the equity of a property.With remortgages available from only 1.84%, and secured loans from 9%, debt relief can certainly be achieved, when these low cost homeownwer loans are used to clear off the other high interest debts.