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Consolidate All Your Debt Into One Monthly Payment
Are you feeling overburdened with debt? Are you paying out too much every month for your credit cards, store cards and loans? Then why not replace them all with one, lower, convenient repayment through a consolidation loan?
Consolidation...
Debt Consolidation
There are many reasons why people get into debt - some of them self inflicted and some of them way outside of our control. Losing a job, illness or accidents, all of these can suddenly plunge one into unexpected expenditure, and often the only...
Debt Consolidation Loans - Defining the Pros and Cons of the Method.
Debt consolidation agencies allege that debt consolidation loans can help create savings for its customers by reducing the amount to be paid for debts. The manner in which this will be realised is not immediately comprehensible to most people. Why...
Debt Consolidation with Free Government Grants? One Scam to Avoid
Have you ever seen a commercial or an ad promising “free government grant money?” According to these ads, the government and other organizations give away nearly one half a trillion dollars each year, and all you need to do is apply! The ads go...
Online debt consolidation – devising newer ways for changing consumer trends
Consumers today are getting wiser by the day. They are educated and enlightened. They know what they want. A change in their needs and demands has led to a complete reworking of the market today. This changing trend has led to some innovations in...
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Secured Loan Debt Consolidation
Secured loans make your creditors feel more secure about loaning
you money. When someone takes out a secured loan, that simply
means there is collateral to back up the money they borrowed.
This could be a car, or more commonly, a house. There are pros
and cons to getting a secured loan as opposed to a standard loan
for debt consolidation.
Home Equity Line of Credit - Perhaps one of the most common
secured loans is the home equity line of credit. This loan
amount is based on how much equity you have in your home. Once
you take out this type of secured loan, your house becomes
collateral. The most positive aspect of a secured home equity
loan is that the money you borrow is tax deductible. For
instance, if you have $5,000 in credit card debt, you can roll
that over into a home equity line of credit. The credit card
payments are not tax deductible, but the home equity loan is. In
contrast, standard debt consolidation loans are not tax
deductible.
Interest Rate Advantages - Another advantage of using a secured
loan for debt consolidation is the interest rate. For many
people,
credit cards are the source of their debt problems.
Credit cards have enormous interest rates. Since secured loans
are "secured" by collateral, they tend to have significantly
lower interest rates.
After discussing the pros, it is important to understand the con
of using a secured debt consolidation loan. Again, many people
use a house or a car to secure these types of loans. If you
happen to default on the loan and cannot make payments, your
house or car will be in jeopardy. A house is usually the largest
asset someone owns. You do not want to put your most valuable
asset at risk.
For some people, debt consolidation is the best option for their
financial problems. Be sure to carefully weigh the pros and cons
before choosing to use a secured loan for your debt
consolidation.
About the author:
Carrie Reeder is the owner of www.abcloanguide.com, an
informational website about various types of loans. View her
recommended Online
Debt Consolidation companies.
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