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It’s that time of year when many of us think about consolidating some of the loans and credit cards we have into one loan possibly at a lower monthly payment.

Available to homeowners is a secured loan, which as the name suggests is secured on your home. This allows you to take the loan over a longer term than a personal loan and potentially pay a lower monthly payment.

These loans can also be used for home improvements etc and are an excellent way of raising funds if you are currently ‘tied in’ with your existing lender.

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT.

The Financial Services Authority does not regulate Unsecured or Personal Loans

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THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT

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Most of us have got bad habits - it's part of being human. But with the price of everything from crude oil to a loaf of bread rocketing skywards, poor money management shouldn't be one of them.
Loan Rates Increase Again
Family finances continue to be stretched, causing many to consider consolidating existing debts into one loan as a means of reducing monthly outgoings. Borrowers, however, will find that the reduction may not be as great as expected.
Zopa launches unique ‘Young Markets' service
Zopa - the world's first person-to-person online lending exchange - has just launched its new ‘Young Markets' service to help those aged 20 to 25 obtain unsecured loans at very competitive rates.
Britain's banks less competitive
As the credit crunch continues to make Britain's banks less competitive and less willing to lend, Zopa offers a better way to fund the special day
Secured loan market diminishing
First Plus has become the latest casualty of the credit crunch. The secured loan lender has announced that it would be closed to new applications from August. If the credit crunch can cause one of the biggest lenders in secured loans to throw in the towel, it will be interesting to see if the other providers can weather the storm.

news provided by moneyfacts.co.uk on 28/08/2008