Secured debt consolidation is a more convenient way to pay off multiple loans that have high interest rates. You can also save a lot of money in the long term, too. If you‘re ready to consolidate your debts, become a First Alliance Credit Union member today.
Keeping this in consideration, is a debt consolidation loan secured or unsecured?
Debt consolidation loans are fixed-rate, unsecured personal loans you can use to pay off or reduce balances on multiple unsecured debts. If the interest rate on the debt consolidation loan is lower than your current interest rates, you could save thousands of dollars in interest and pay your debt down faster.
Secondly, what is the smartest way to consolidate debt?
The smartest strategy to pay off credit card debt is through credit card consolidation. When you consolidate credit card debt, you combine your existing credit card debt into a single loan with a lower interest rate. With a lower interest rate, you can save money each month and pay off debt faster.