Secured loans tackle the 'personal responsibility' of debt
01/04/2008Consumers need to realise that the only way to avoid or tackle debt is to take responsibility for their own finances, one expert has suggested.
According to a spokesman for Thomas Charles & Co, a company which offers advice and support on financial services such as debt consolidation, banks and building societies can only help people so much with money management.
James Falla, director of the group, said that if people are experiencing difficulties they look at their income and expenditure and - if their debt is unmanageable - consider the options available to them.
"You could consolidate your debt with one loan thus reducing the monthly payments to make them more manageable and sit within your budget," he said.
Many people choose to consolidate their debts with a secured loan or homeowner loan as they can often offer a rate of interest that is more competitive than traditional high street lending.
 © Adfero Ltd
<< Back to News page
|