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Debt consolidation loans are a means for those who own their own home to bring their old loans repayments under control. They are rather like a medicine for a bad condition . . . runaway financial unfluenza. And like any strong medicine they need to be approached cautiously. An adverse credit rating is influenza turned to pneumonia . . .. it's getting critical, but there are ways of handling it.

Paying off a pile of debts by taking another debt can only work if the second debt is for a longer term, at lower repayments than the sum of the problem debts. Otherwise the cure is likely to be as bad as the disease. If you are have a bad credit rating and are trying to rebuild it, go to our refused credit page and read on.

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Old loans at high interest rates from the past can often be tidied up in a parcel at today's much lower rates, and if you have excess value in your home which can secure a consolidation loan, why not? Click on the button to compare the offerings . . .

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The pros and cons of debt consolidation

Debt consolidation loans are usually secured by a second mortgage on your home. This is important. bad things result from a failure to pay secured loans. You take a debt consolidation loan because you are already unable to cover your exposure.

But you are paying off a debt by taking on a debt, and the cure might end up worse than the disease . . . now you have a secured loan, worse MEANS worse. A secured loan is taken out with collateral put at risk. Should you default on the repayments of a secured loan, the collateral could be repossessed.

So, even if you are paying off your mortgage comfortably, if you can't pay off your secured debt consolidation loan then you can be forced out of your home.

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Debt consolidation operators are not your friends. Their main selling point is reduced payments, and the secondary point is usually called "debt restructuring". It's just another, more locked in form of debt, at the end of the day.

So why would you do it? Maybe you can't make your credit card payments every month, but you could make the monthly payments on a debt consolidation loan. If you opt for debt consolidation then you must be absolutely sure that you would still be able to make payments, which means being insured for illness, disablity and unemployment. For more information on this aspect fo debt consolidation, follow this link. If you can't make your payments, then you could lose your home.

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