Secured loans could help get people out of trouble
24/10/2008People who have found themselves struggling with debt because they thought "the good time wouldn't stop" may benefit from taking out a secured loan.
Business and personal finance journalist Cesarina Holm-Kander said over the last few years Brits have been borrowing under the misapprehension that the economy would continue to grow and their finances would flourish.
However, the host of Channel 4's Your Money or Your Wife stated: "We know that some people ... literally think of credit as free and it's not, it never was and it was always going to come to an end."
She added some homeowners thought their properties would never drop in value when in fact they have lost around 13 per cent in the last year.
Ms Holm-Kander stated it is vital people take action as soon as possible to reduce their debt and start saving for the future.
Individuals who owe money on credit cards may find a secured loan can help them to get on an even keel more quickly as interest rates tend to be lower than on some other forms of borrowing.
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