Times When Secured Loans And Remortgages Are Debt Consolidation Loans

People who discover that they are in the position of dealing with too much debt

, have a means that can enable that to get rid of high interest loans, credit cards, etc. and this means is by debt consolidation which is a means of saving a lot of money in addition to making life much simpler.

The age at which someone begins eligible for credit cards, personal loans, etc. is the age of eighteen, and at this age they can also become homeowners for the first time as they can then be granted a mortgage.

So starts the beginning of what can become a very habitual state of constant borrowing .

Taking out mortgages cannot be anything but a good thing provided the person can afford the repayments, as property is always a good solid investment sometimes not from only one year to the next, but over a number of years.

Taking out a mortgage is applying for a good sort of loan, but when too many other debts in credit cards, etc. are added to this the loans and debts can be soul destroying

The interest rates charged for credit cards is costly and the rates commence at usually from 20% to about the 40% mark or even more.

The minimum payment that can be made monthly for credit cards is 3% of the outstanding balance, meaning that on a balance of 5,000 the minimum monthly payment would be 159.

The major disadvantages in paying only the minimum monthly, are that the balance hardly goes down , and it is twenty six years or so before the cards will be cleared.

This is no position for anyone to be in, and it is a fairly easy position to get out off..

A solution to the worries of debt is debt consolidation which rolls all the high interest credit cards and any other debt into the one and replaces them with debt consolidation loans which have much lower rates of interest.

For those who own their own home can take debt consolidation loans by secured loans or remortgages, and this forms the debt consolidation that will remove all the debt worries from you.

by: Francis Fetty

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