Secured loans as a 'simple' debt solution
26/03/2008
A secured loan or debt consolidation plan can be a simple, convenient way for people to get their finances under control, it has been suggested.
According to Aisha Kacie of Best Syndication, many people struggling with repayments - such as high interest credit and store cards - do not realise that their accrual of debt could cause "serious financial concerns in the future".
She states that a consumer's credit standing is "fragile" and advises those who may believe they are in trouble to seek professional, expert advice.
It is also noted that the first stage in gaining control of debt is evaluating the total amount owing and assessing how much can realistically be repayed on a monthly basis, this way the burden of debt is reduced and a monthly budget can be established.
"Strictly following the monthly budget … will definitely help you in eradicating the debts and pave the way to lead a debt free life," she concludes.
By obtaining a secured loan, some consumers may find they are able to consolidate debt at a lower rate of interest than by opting for a personal loan.
 © Adfero Ltd
<< Back to News page
|