Secured loans could replace credit card debt
20/12/2007People who have multiple debts from credit cards might find that a secured loan helps them to consolidate the balances and simplify the repayment process.
Recent comments from a financial expert may also interest credit card holders looking to minimise their interest payments, as he said that picking the wrong card can end up wasting a lot of cash.
Robin Amlot, senior editor at financial advice portal Money Extra, commented on the unsuitability of some credit cards and warned people of the importance of shopping around.
"If you are not getting the best [deal] that you can for yourself, then you might as well just stand on a street corner tearing up fivers," he said.
"I would always advise people to shop around."
Consumers looking for debt consolidation options could consider a secured online loan or homeowner loans, as these can sometimes offer lower interest rates thatn those charged by credit cards.
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