subject: Remortgages And Secured Loans Are The Best Methods Of Debt Consolidation [print this page] Some words are like music to the ears, and for those in debt those words are debt consolidation.The words debt consolidation really do explain themselves.
Debt obviously means something that is owed. It is debts such as outstanding debt in credit cards, personal loans, hire purchase, etc.
The second word, namely consolidation means the combining or uniting or rolling togethr of a number of items into the one, and it has that exact same meaning when it refers to debt.
Put together, it becomes apparent, that debt consolidation is the combining of numerous pieces of debt into the one, forming one repayment each month instead of several.
It is only too easy to find yourself with too much debt, and in particular too many different seperate entities of debt.
We are constantly surrounded by advertisements in the glossy magazines, depicting the beautiful people dressed in designer clothing, and we fully believe that if we wear the same clothing, we will look like the handsome and beautiful models featured in the magazine spread.
We decide to obtain yet another credit card and off we go the the designer clothing outlet.
When people pay cash for goods they know how much it is costing, but with credit cards it seems different.
With credit cards, you only have to make a minimum payment of 3% of the balance every month, and as such the clothes will only cost you 45 per month, and you can afford that.
However, as the card mounts up and compounds all the interest and when added to your other three credit cards, the bank loan for last year's holiday, the car loan, the home improvement loan for the conservatory, it is like the final nail in the coffin.
Sit down and work out just how much the debt totals and how much it costs every month, and you had better be sitting down or you may well fall down with the shock.
Pay day for you cannot come quickly enough, but your salary mainly only serves to pay your credit cards, etc.
Then go online and seek the website of a remortgage or secured loan broker who can arrange a remortgage or a secured loan to form debt consolidation.
The broker will gladly provide you with free no obligation quotes for remortgages and secured loans, and you will have taken your first step towards a happier life, with one lower repayment that you can cope with.
At present remortgages are available from less than 2% APR, and secured loans, otherwise homeowner loans, have rates from about 9%.
Using remortgages or homeowner loans as debt consolidation loans will not only save by paying off all the high rate debts, but will also make managing your finances easier.
