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Debt consolidation loans can be the answer to a number of financial problems Wholesale Zach Allen Jersey , but before you take the plunge, make sure you're well informed.

What is a debt consolidation loan?

Debt consolidation is when you arrange a single loan to cover a number of existing debts. Rather than juggling several expensive payments, such as credit card or hire purchase bills, a debt consolidation loan means a single manageable monthly payment. You'll also benefit form lower monthly interest payments; compare an average secured debt consolidation loan of 12.4% APR to a credit card company charging 19.9% APR.

Besides lower interest rates payments; you also benefit from knowing that a consolidation loan runs for a fixed term Wholesale Andy Isabella Jersey , and that every repayment you make goes towards clearing the loan. Without consolidation you may find that minimum monthly payments simply service the interest accrued on your debt, without having any impact on the debt itself.

Debt consolidation also offers an opportunity to repair your credit rating. Remember that any missed payments and bank charges count against you in the eyes of lenders. It's a vicious circle: a poor credit rating means that lenders see you as a risk, which in turn means they charge you higher interest rates. By repaying all your creditors and taking out a single loan; you are already well on your way to rewriting your credit history.

Getting the best debt consolidation loan

When looking for a loan, the first step is to work out exactly how much you need to borrow. Calculate how much you owe on credit cards Wholesale Byron Murphy Jersey , standing orders, overdrafts etc. and only borrow as much as you owe. Because most debt consolidation loans are 'secured' against the value of your property; you won't have trouble finding lenders willing to arrange loans for considerably more than you actually need. However, getting further into debt rarely makes financial sense.

The next step is to begin shopping around for the best deal. Visit a number of FISA registered brokers and see what they can offer you. Recent industry regulation means that loan providers must now tell customers the total cost of repaying the loan, rather than monthly payments and the loan's lifespan. Make sure that you compare like with like; don't be tempted just by low monthly repayments as you may find that the loan has a substantially longer term.

Are there any drawbacks?

Debt consolidation loans often make shrewd financial sense Wholesale Kyler Murray Jersey , but it's important to know exactly what you are getting into:

Firstly, you may be cutting your monthly outgoings, but it's important to understand that you are refinancing your debt over a much greater period of time. In the long run you may actually be paying more.

Secondly, most debt consolidation loans are also secured Cheap Pat Tillman Jersey , which means that your property is at risk if you continually default on repayments.

Finally, it's worth bearing in mind that you are under no obligation to repay your outstanding debts. Use the loan wisely to repay existing debts; and you can look forward to a bright financial future. Use it simply to raise capital and keep spending and you will soon be in trouble.

Michael Stepney is part of the team at First Aid Finance; one of the UK's leading secured loans brokers. For more advice or a debt consolidation loan quotation visit their website at . Most of us will decorate our homes or living space with some wonderful art or photos to show the world what we are all about. These can be in various styles of course, but how they are illuminated will really make them 'pop' off the walls and give the room a lovely look. In fact, art lighting is so important that there are so many different styles on the market that it makes it difficult to choose which is the right one. Picture frame lights are probably the best form and these also come in different finishes too

Whenever anyone is refurbishing a room Cheap T. J. Logan Jersey , it is particularly useful to put in some extra electrical outlets for these gadgets. This can be a messy business since the walls will have to be dug out, so it is better to do this when there is a major redecorating project under way. However, these gadgets do come in battery operated models too so it is not imperative to have the outlets at all. The battery operated versions can be clipped right onto the wood surrounding the photo or prints. This means then that they move wherever the photo moves to so there is no problem with putting in screws or nails into the walls either. In fact, this is also a good way of working out where best the photo or prints should sit in the home before undertaking the more permanent electrical work.