When monthly repayments on credit card debt, overdrafts, hire purchase and small loans start to get out-of-hand, consolidating debt may provide the answer. It can be difficult to decide whether a secured loan or unsecured debt consolidation loan is better for achieving this objective because each has its relative merits, but a lot will depend upon credit rating, term and the amount borrowed.

Does a Secured Loan or Unsecured Debt Consolidation Loan Reduce Monthly Repayments?

Consolidating debt over a longer term is only possible with a secured loan. The majority of unsecured loans have a maximum term of 5 years due to the risk of a borrower defaulting on the agreement. A secured loan allows a homeowner to spread the cost of debt over a period of up to and including 25 years. This helps to significantly reduce monthly repayments, leaving additional money available to pay other household bills.

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