There may be times when you cannot avert your debt. You may have been managing your debt quite well when you are suddenly faced with a situation that requires you to shell out extra cash rather unexpectedly. In the majority of cases, there are two reasons that may cause you to fall behind on payments – (i) medical emergency and (ii) job loss. If you have multiple debts that needs to be addressed and you are finding it difficult to manage these debts, then debt consolidation may be your answer.
Debt consolidation allows you to replace your various debts with a single debt account. You can consolidate your debts with the help of a debt consolidation consultant who will work out a suitable debt consolidation program for you. Debt consolidation loans will allow you to enjoy reduced interest rate and consequently lower your monthly payments. These loans can be of 2 types, namely: secured debt consolidation loans and unsecured debt consolidation loans.
When should you opt for debt consolidation loans?
If you are faced with any one of the following situations, you should attend to your debts without further delay.
Debt consolidation allows you to replace your various debts with a single debt account. You can consolidate your debts with the help of a debt consolidation consultant who will work out a suitable debt consolidation program for you. Debt consolidation loans will allow you to enjoy reduced interest rate and consequently lower your monthly payments. These loans can be of 2 types, namely: secured debt consolidation loans and unsecured debt consolidation loans.
When should you opt for debt consolidation loans?
If you are faced with any one of the following situations, you should attend to your debts without further delay.
- If you have missed payments for the last 2 to 3 months
- Creditors have been calling you up for their money
- You are receiving calls from the collections agencies.
- You want to enjoy lower interest rate and lower monthly payments
Secured versus unsecured debt consolidation loans
If you are planning to take out a secured debt consolidation loan, you will be required to have collateral. The collateral acts as a security against which the loan is taken out on. In most of the cases, your house is used as the collateral. The interest rate attracted by the secured debt consolidation loan is usually less compared to an unsecured debt consolidation loan where you do not use any security and the interest rate is, therefore, much higher.
Secured debt consolidation will allow you to enjoy better rates but should you fall behind on payments, your creditor will take away your home. So, if you are opting for a secured debt consolidation loan, make sure you stay current with your monthly payments.
If you are planning to take out a secured debt consolidation loan, you will be required to have collateral. The collateral acts as a security against which the loan is taken out on. In most of the cases, your house is used as the collateral. The interest rate attracted by the secured debt consolidation loan is usually less compared to an unsecured debt consolidation loan where you do not use any security and the interest rate is, therefore, much higher.
Secured debt consolidation will allow you to enjoy better rates but should you fall behind on payments, your creditor will take away your home. So, if you are opting for a secured debt consolidation loan, make sure you stay current with your monthly payments.
Article by : Debtcc community member
Website: Debt Consolidation Care
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