Poor Credit Secured Loans
How to fix your finances when you're drowning in debt
There are lots of firms offering poor credit secured loans, but such loans aren't always the answer to debt problems. A few simple steps can seriously reduce your monthly repayments, and some forms of borrowing are much cheaper than others.
Many firms will offer people with poor credit secured loans, but it takes more than a loan to fix your finances. If more than one fifth of your net income (your wages after tax) goes on debt repayments, it's time to take action.
The first thing to consider is whether you're spending money on unnecessary interest payments. If you have store cards the answer is almost certainly yes, but even standard credit cards are an expensive way to borrow. If you're paying the minimum amount each month and it's not making a dent in the outstanding balance, replacing store cards and credit cards with poor credit secured loans may be a sensible step.
You can make other changes to improve your financial picture, though. Switching gas and electricity suppliers will often save you money, and as interest rates are currently very low you might be able to reduce monthly loan payments by replacing existing high rate loans with a cheaper one. Remember though that getting out of debt is a long term process, not a quick fix: it's essential that you don't just replace existing borrowing without also changing your spending habits.
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