It’s a fact of life these days that we so often find ourselves burdened with all sorts of debts. Most of the time we manage to pay them all somehow but it’s often quite a complicated juggling act to do it . The trouble is we often have so many balls in the air we actually can’t stop. That’s when it gets stressful and something needs to be done before we go insane or bankrupt or both!

“How did it ever get like this?” We wail. Well it’s easy isn’t it? We start off with a mortgage on our house that we can just about cope with but there isn’t much left over at the end of the month for all the things we want. It’s not just the big things like the new telly or upgrading the car. There’s the petrol bills, the takeaways, the presents to buy at Christmas and birthdays, meals out and so it goes on. Well, we want to live a bit don’t we?

Anyway, what with the personal loans and the credit cards we find it’s all getting too much. There’s always too much month left and not enough salary! There should be enough money with what we earn for goodness sake, where does it all go? If you can honestly say none of that sounds familiar either you’re unusually organised or very lucky.

Right then what’re you going to do about it? Well you could sell your house and buy somewhere cheaper. That’ll probably take months though and you probably won’t be happy for long and what about the kids schools anyway? OK maybe not that then. Have you thought about debt consolidation? Chances are you’ve got some equity in your house which is the difference between what your house is worth and what you owe on the mortgage. You could use that for debt consolidation. Not directly of course but by getting a loan secured against the house to pay off all those personal loans and credit card balances.

It’ll only work if you’ve got enough equity in the house of course but usually you can borrow more by way of a secured loan like that than you can with another personal loan and you get much longer to pay it back. That means lower monthly repayments and the interest rate will probably be lower too. Certainly it’ll be lower than on credit cards anyway. Of course if you don’t keep up the repayments on a secured loan, just like with your first mortgage, you could face repossession so be sure to include insurance against unemployment and sickness as well as death.

Debt consolidation by this means works because usually you find that if you add up all your current commitments that you’re going to wrap up in the new loan they come to quite a bit more than the repayments on your new longer term loan. You have to be more disciplined afterwards of course but at least you’ve given yourself another chance.

Debt consolidation using a secured loan isn’t something to undertake lightly. You can’t do it very often unless both property values and your income are both rising rapidly. It’s something your existing mortgage lender isn’t likely to be much help with so you will need to look elsewhere. You’d do well to consult a really good mortgage and finance broker like The Home Loan Shop for something like this. Debt consolidation is something they’re very much at home with and you can benefit from their knowledge and experience. They’ll know just where to in the market to find just the deal you need.

For more information regarding secured loans, debt consolidation, loan, homeowner loans, home loans & personal loans please visit: www.thehomeloanshop.co.uk