Helping You Put Your Finaces Back Together

Secured Debt Consolidation Loans

Secured debt consolidation loans are usually reserved for home-owners, although in some cases other forms of 'security' may be allowed. There are two distinct advantages to a secured debt consolidation loan versus an unsecured loan.

The rates are usually lower than unsecured loans, which means either lower monthly payments or a shorter re-payment term.
Bad credit is usually not an issue in getting approved, since you've 'secured' your loan with collateral.

The potential pitfalls of a secured loan come if you don't pay your newly lowered bills of course, as the property (collateral) you've put up as security may become a target if you don't keep up your side of the bargain. Of course, this won't be an issue if you are making your payments as you should if you're serious about clearing your debt.