You see a fair number of adverts advertising consolidation. debt consolidation loans
Adverts mentioning consolidation loan can be seen in local newspapers, national newspapers, T.V. and on the internet.
However, is a consolidation loan as good a product as these adverts suggest? debt consolidation loans
The answer to this is, that in general, a consolidation loan is an excellent type of loan which can save you a great deal of money each month. debt consolidation loans
This type of secured loan is only really available to homeowners, as the lender requires security in the form of your residential property. debt consolidation loans
If you are employed and have a good credit rating and sufficient equity in your property, a consolidation loan interest rate starts at present at about 8% APR. debt consolidation loans
If you consider how much you are paying in interest on your credit cards and also on your personal loans, you can easily work out that this type of homeowner loan would save you a considerable amount of money monthly. debt consolidation loans
Your lowest credit card interest rate will be probably over 20% APR to over 30% APR. debt consolidation loans
Your home improvement loan, if arranged by the kitchen supplier, conservatory supplier, etc. will normally be at an interest rate of more than 20% APR. debt consolidation loans
If you only pay the minimum repayment to your credit cards every month, you will notice that because of their very high interest rate you are virtually paying off none of the capital at all. debt consolidation loans
Therefore, if you take all this into consideration, and have a number of cards, etc. you should save hundreds of pounds each month by taking out a consolidation loan. debt consolidation loans
You can contact a specialist lender who will give you a no obligation quote and I am certain that you will be amazed at the saving.
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