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- helps you find the right local businesses to meet your specific needs.
Research all of your options and then pick the one that works best for you and your financial situation.
Typically a secured debt consolidation loan allows you to lump most of your debt payments under a single bill at a lower rate than the individual rates you may have been getting.
However, in order to secure a lower rate with a secured debt consolidation loan, you must have some type of asset to use as collateral, such as your home. How much of a loan you can get depends on the type of collateral you have and how much it's worth.
These types of loans can also be repaid back over a long length of time, anywhere from 5 to 30 years, and they can often boost your credit rating if managed properly.
Otherwise, you risk defaulting on the loan and losing the asset used as collateral.