November 20, 2017
 
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Need Help to Reduce Your Unsecured Debt?

When handled responsibly, unsecured debt can be a good option for many people. The problem is that it can be disastrous for a lot of other people. Living beyond your income and relying on credit cards is all too common. Unsecured debt is money that is borrowed but isn’t secured by any collateral that a creditor could take back if the borrower fails to make repayment.

Examples of unsecured debt include:

Credit Cards

Department Store Cards

Cellular Telephone Bills

Legal Bills

Unsecured Personal Loans

Health Club Memberships

Magazine/Record Club Fees

Signature Loans

Collection Agencies

Credit Lines


Banks and other lenders will give unsecured loans depending on how much money the borrower earns and their repayment history. However, the amount of interest charged varies. If the borrower has a bad
credit rating, the lender can demand a higher interest rate on the loan. A borrower with an unblemished credit rating should have no problem obtaining a low interest rate. Lenders compete for the borrower’s business, so shopping around can save money.

Many borrowers get caught up in a never-ending debt cycle in which they begin using one
credit card to pay off another. Unfortunately, consumers can spend years paying back the high interest unsecured debt.

If you’re having trouble with your unsecured debt, high interest rates, or trouble making your payments, help is available.


 

 

 

 

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