Consolidating secured debt

Posted by / 18-Jul-2020 09:38

Consolidating secured debt

Money Super Market is a credit broker – this means we’ll show you products offered by lenders.

We never take a fee from customers for this broking service.

When you compare loans with Money Super Market, you’ll be able to order results by how likely you are to be accepted so you can see who is most likely to say yes.

This will help you try and avoid a rejection for credit, which will be recorded on your credit report and lower your credit rating.

All unsecured debt, as well as a few special types of secured debt, can be consolidated.

Although your debts won't disappear, merging them into one personal loan could reduce your monthly outgoings and help you better manage your money – as long as you can afford the repayments.

The average household had £7,616 of consumer debt in December 2017, according to the Money Charity.

When consolidating debts, work out how big a loan you will need and check the interest rate, as rates are usually tiered depending on how much you borrow.Young people aged between 18 and 24 tend to require much lower loan amounts than middle-aged people.This is unsurprising: just as income generally rises with age, so do outgoing costs, such as mortgages and credit card debts.Our Eligibility Checker tool performs a soft search, which means there’ll be no record of the search on your credit report.It allows us to use your personal circumstances to see your eligibility for loans – but this is not a guarantee of acceptance and should be used as a guide only.

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A secured loan is when the debt is held against an asset (usually property) – think carefully before securing other debts against your home because your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it.

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