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Secured Loans Could Offer Those In Debt A Fresh Start

With unsecured consumer debt on the rise in the UK, with a large number of individuals and households trying to juggle a range of high interest debts, and paying out a fortune on their loans and borrowing each month, many now think that secured loans could be the ideal solution. Finances can become very strained for those making repayments on a large number of debts each month, and after making repayments on their borrowing many consumers are left with very little or nothing in the way of disposable income.

Secured Loans Could Offer Those In Debt A Fresh StartOften, those struggling to repay a number of debts end up missing repayments or making regular late repayments, and this can result in court action, rising interest and other charges, and a tarnished credit rating that could really affect their futures. However, once the debt starts to spiral out of control this is a situation that many borrowers find difficult to avoid, and some even end up going for drastic solutions such as bankruptcy or IVAs.

In light of this, many have turned to secure finance to help them to more easily manage their unsecured debt, and to reduce the risk of them falling behind with repayments and risking their credit. There are many reasons why homeowners decide to take out a secured loan in order to get rid of their smaller, unsecured debts. Secured lenders can often offer larger sums of money based on the value of the borrower’s home, which makes it easier to bundle all the debts into one, and enjoy making just one repayment each month rather than several.

Because secured loans are also available over a longer period, this makes the4 monthly repayments far more affordable, as borrowers can spread them over a longer term than most unsecured loans. Borrowers will also only have to worry about paying interest on one loan rather than on a range of loans, cards, and other financial products.

Alisdair Milton
24th November 2006


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