Did You Know That The Average American Household Has 13 Payment Cards — Including Credit Cards, Debit Cards, And Store Cards? Plus, There Are 1.3 Billion Payment Cards In Circulation In The United States Right Now. And, On Average, Americans Carry About $5,800 In Credit Card Debt Month To Month. If One Were To Make Only The Minimum Payment On That Debt Each Month, It Would Take 30 Years To Pay Off — Including An Additional $15,000 In Interest. Welcome To DebtConsolidationSite.com. We'll Provide You With Articles, Tips, And Tools That Will Help You Regain Control Of Your Credit. As
you explore this site, you'll discover...
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What Your Banker Won't Tell You About Debt Consolidation
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Hot: Which Is Better -- Consolidation Or Bankruptcy?
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How To Consolidate Without Damaging Your Credit Score
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Can You Really Get Credit After Using A Debt Service?
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Everything
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Debt Consolidation Loan Rates, Student Loan Debt Consolidation, Debt Consolidation Mortgage Loans, Credit Card Debt Consolidation Loans, And Debt Consolidation Loans For People With Bad Credit.
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The easy way to get control
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Finding the Best Secured Loan for Your Money
Author: John Mussi
If you're looking for a secured loan, there are several options available to you. Most banks and finance companies will issue a secured loan to people with good or bad credit… since the loan is secured, there is a much lower chance of them losing their money if the borrower is unable to repay the loan.
Let's take a closer look at secured loans, examining how they work and some of the different types of loans available from different lenders.
A matter of collateral
A secured loan is referred to as “secured” because it has an object (known as collateral) offering security to the lender in the form of a guarantee that they will get their money back even if the borrower doesn't repay it.
This security enables lenders to offer a secured loan to a wide variety of individuals, even if they have less than perfect credit.
Traditional loans
Traditionally, a secured loan is offered by a bank or finance company to allow individuals to purchase specific items, to pay bills, or to repay old debts.
The bank or finance company will require specific collateral depending upon the intended use of the secured loan… some items, such as houses or automobiles, serve as their own collateral, whereas some other uses of secured loans (such as debt consolidation) require additional collateral which is usually worth more than the loan amount.
These loans can have quite varied terms… auto loans are traditionally for five years, whereas a house loan (also known as a mortgage) may last for 20 years or more. Some smaller loans may even have a turn of six months to a year.
While the loan is being repaid, the bank or lender charges interest on the remaining amount, with interest rates that are agreed to when the loan agreement is signed.
Online loans
An alternative method of applying for a secured loan has been growing in popularity for several years, and shows little sign of stopping… taking full advantage of the digital age, online lending companies provide the loans that people need with the convenience of researching and applying for the loan from the comfort and privacy of home.
Online loans, like traditional loans, tend to require collateral… with most online loans the collateral is usually either related to the loan or is an object with an exceptional resale value.
The most common online loans are homeowner loans, in which the equity of the owner's house serves as collateral; with sufficient equity, even individuals with bad credit can get the loans that they need without the extreme interest rates of some traditional lenders.
You may freely reprint this article provided the following author's biography (including the live URL link) remains intact:
About the Author
John Mussi is the founder of Direct Online Loans who help homeowners find the best available loans via the www.directonlineloans.co.uk website.
Article Keywords:
'Debt Consolidation'
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Recently, an interesting
email came across my desk. I'll paste it below.
Check it out...
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Dear Anthony-
HELP I am in over my head
and I obviously need help. I owe just over $12,000 on two credit
cards. I know in
the past you recommend debt consolidation. But, I have read about
of the SCAM artists out there. Is
there someone I can talk to that you recommend? -Dan, New York
There are a lot of things to watch out for when it comes to debt consolidation. I
have a company I wholeheartedly recommend to others in need of help. I
find them fair, easy, and they don’t use “high-pressure” tactics.
Press the link below to check them out now.
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