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Loans - Secured loans new debt consolidator - 28/04/2008

Opting for a secured loan as a method for debt Consolidation is now fast becoming an increasingly growing trend amid many UK households of late. Research has shown that the secured loan significantly reduces the consumer’s ability to acquire further debt, shrinks the interest paid on outstanding debts and effectively consolidates all of the debt into one payment.

It is also thought that this method encourages, positive habits within the mind of the consumer, to actually make an attempt to pay off their loans and to also try to take control of their spending habits to eliminate all possibilities for further debt. Because one of the conditions of a secured loan is to place security with the creditor such as a home, the secured loan does not increase the risk of losing that home.

The secured loans themselves are set at interest rates which can be as much as 20% lower than the interest rate charged for an unsecured loan. It has been suggested that the change in the law has now made the unsecured loan the less attractive option as a form of debt consolidation, or as a component of some kind of debt management program.

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THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPATMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT

MISSING PAYMENTS WILL HAVE SEVERE CONSEQUENCES AND MAY MAKE OBTAINING CREDIT MORE DIFFICULT IN THE FUTURE.

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