Consolidation Loans: United We Stand, Divided We Fall?.?Now From a Different Perspective!!Posted by Nick Niesen on November 8th, 2010 Consolidation loans merge all your debts and bills into a single payment. This means, that if you have several monthly payments or a number of different loans, you can make things easier by consolidating them and taking one single loan to pay off the total debt. Consolidation loans reduce your monthly payments by lowering the interest rate or extending the repayment period or sometimes both. Consolidation Loans are ideally offered to those who are unable to manage their monthly payments. They are a good option for you to reduce your debts and gradually move to a debt free life. With Consolidation loans, your pending debts are immediately cleared, while the repayment options of the new loan are customized according to your financial capacity and expectations. Thus, consolidation loans are ?personalized? in accordance with you!! Consolidation Loans are of 2 types: Consolidation Secured Loans and Consolidation Unsecured Loans. Consolidation Secured Loans: Consolidation Unsecured Loans: Consolidation loans have loan terms ranging from 10 ? 30 years. A good consolidation loan would be that which fits beautifully in your financial situation. Consolidation loans are advantageous to almost anyone because of the ease with which you can customize them to your financial stability and your choice. Since you have the best outlook keeping in mind your financial standing and expenses, it is essential that you choose your own consolidation loan from the scores of loans offered in the loan market. Also, the consolidation loan creditor individually deals with each of the previous lenders and negotiates payment with them. Thus, you don?t have to deal with any prior debts personally. However, attractive consolidation loans sound, they are better suited only when one needs a very large amount. Like it? Share it!More by this author |