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Debt Consolidation Loans: Does Interest Have To Be Sky-high?
By SeanH-9584
If you find yourself in debt you are probably worried to death. In this frame of mind you will clutch at any straw. If you see seductive ads on TV or in the paper, promising a solution to your debt problems, you are likely to see them as a lifeline.

These ads will be for debt consolidation loans. They will make promises like “Take control of your debts”, “Debt relief in one easy payment”.

Of course, if you decide to go down this road, the very last thing you need is to pay a very high rate of interest on your debt consolidation loan. The problem is that if you are already in debt, this may have affected your credit rating. This may make it hard for you to find the best deals.

But don’t worry, it’s still possible to find a low-interest debt consolidation loan. These are some of the possibilities:

•Secured loan. If you have equity in your home, your debt consolidation loan can be secured on your property. This makes you a lower risk and means the lender can charge you a lower interest rate. But beware! Don’t EVER lose sign of the fact that you could lose your home if you default on the payments. Normally, this is your best option for a low-interest debt consolidation loan – but if you can’t trust yourself to keep up the payments, maybe it isn’t for you.
•Compare rates online. Most providers of low-interest debt consolidation loans advertise on the Internet. So you can look them up

and see who has the best interest rates. The main problem here is that you may not be comparing like with like. Many of the advertisers may only be concerned with getting you as a customer, rather than with giving the full information. So you could find that your repayments are a lot higher than you expected.
•Local companies. Check locally with smaller finance companies and banks. It simply isn’t true that you have to be an existing client of a bank for them to give you a loan. These companies may well be prepared to consider your request because you are a local person and may become a customer. However, trudging round all these places can be a wearisome experience.
•Find an independent broker. This will be less exhausting than plodding round local companies. A good broker who is independent of these companies will be able to find you the best interest rates and advise you of the advantages and disadvantages of each option.

Whichever course of action you choose, don’t delay. The sooner you tackle the problem head-on, the sooner you will get your affairs under control.

Sean Horton is a Director of Loans Connection who offer debt consolidation loans

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