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If you can’t pay the loan back, you could lose your house, car, life insurance, retirement fund, or whatever else you might have used to secure the loan.
Certain assets, such as life insurance or retirement funds might not be available to you if the loan is not paid back before you need to use them.
There are many options for debt consolidation using secured loans.
You can refinance your house, take out a second mortgage, or get a home equity line of credit.
And, while the interest rate might be higher than a secured loan, it might be less than is charged on several different credit card balances, thereby lowering your interest burden and your payment.
An unsecured debt consolidation loan might be hard to get if you don’t have sterling credit.
For example, interest paid on loans secured by real estate is sometimes allowed as a tax deduction.
You can also use other assets as security for a loan.This might result in a payment that is not low enough to make a difference in your financial situation.Using balance transfer options on no-interest or low-interest credit card offers are tricky.While unsecured personal debt consolidation loans used to be quite common, they are less likely to be available to people who need them today.Generally, an unsecured loan will require the borrower to have very good credit.