Secured Debt Consolidation Loan Beats Bankruptcy

A secured debt consolidation loan is a much better option than bankruptcy. While many believe bankruptcy is the only option, that's simply not true. A secured debt consolidation loan leaves you with one reduced payment that is much easier to manage and while your credit score is still effected, the recovery is much quicker than with bankruptcy.

A secured debt consolidation loan requires collateral. That collateral can be a home, a vehicle, or anything of value that the lender agrees to take as collateral. Should you default on your secured debt consolidation loan, your collateral will go to the lender for resale to cover your outstanding debt.

When you use a debt consolidation service they will negotiate with your credit card lenders to reduce the balance owing on your account. These savings can be as much as 50%.

Secured debt consolidation loan results can reduce the total amount you owe, and you have only one payment. As an added bonus, paying off individual debts looks good on your credit report, improving your credit score.

A secured debt consolidation can have you breathing easy again. None of us go into debt with the intent of not paying, but life has a way of changing and leaving us in situations we didn't anticipate. If your debt is getting you down, consider a secured debt consolidation loan.

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