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Debt consolidation secured loans are designed to provide funds to an individual or couple who have multiple bills and would like to pay off all their debt and have one monthly payment to contend with. A secured loan is a loan that has something of value attached to it as collateral, such as a house or some other valuable item of equal worth to the loan taken out. These loans maybe beneficial to persons interested in paying off all their debt in one payment a month, but the risk of losing their valuable asset is a possibility if the secured loan goes into default.

There are different choices of secured loans to take to help with debt consolidation. If one has considerable equity built up in their home a remortgage might be an option, especially if, due to real estate markets, the home is worth more than the original mortgage is worth. Remortgaging for a larger amount may free up funds and allow for those funds to be used for any person use.

Also, if the applicant has a home, he or she may take out a home equity loan, based on what kind of equity the home has. A person's home is usually his or her biggest asset, and this asset may dome in handy if additional funds are needed. Home equity loans are tax deductible as well.

If an individual takes out a secured debt consolidation loan to pay off other debts that have interest attached to them, it could be very beneficial to the lendee. Interest rates on debts such as credit cards could be paid off by debt consolidation loans, with the loan itself having a lower interest rate then the credit cards. This is a double savings on the part of the lendee, as not only are would a debt be paid off, but also the interest rate is lower.


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