An unsecured debt consolidation loan is also called a personal loan or a signature loan. When you have a number of smaller, high interest loans, it makes sense to contact a lender about a personal loan. This way, you can pay off all of your bills in one fell swoop and then make one payment each month to a bank. This is what an unsecured debt consolidation loan can do for you.
There are two types of debt consolidation loans. The first is the home equity loan. This means that you take out a second, third, or even fourth loan on your home. A home equity loan generally offers better terms than does an unsecured debt consolidation loan.
But these days, home equity loans are hard to get. Not only have the credit markets dried up, banks are also being more discerning about how the loan against homes. It used to be that you could get 125 percent of the value of your home in loans. Today, banks often dont want to lend more than 80 percent.
And, because the home markets have declined, you may be in a situation where you already owe more than the home is worth. That means that youre looking at an unsecured debt consolidation loan to take care of your debts.
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