Secured Loans - Homeowner Loans Now
By Liz Moir
During the recession many people put off doing anything whatsoever as regards their financial state.
They waited and hoped that the recession would end at any moment and the economic situation would improve and totally change virtually over night, not only in the country as a whole, but in their own household.
These were of course rather foolish opinions to hold, as it takes years rather than even months to recover from such a deep and all consuming credit crunch, and the end of a recession is not the advent of a sudden miraculous new economic growth.
In fact the UK economy is witnessing only a very slight growth with experts predicting that there is a fairly strong possibility of the arrival of yet another recession.
Over the last three years, as a result of the public's unwillingness to make any change to their finances, mortgages fell partly as a result of the lack of security that people felt in their employment status, and partly as a direct result of the fall in property prices.
Remortgages tumbled as did secured loans for the exact same reasons as did mortgages, all in spite of the fact that the Bank of England Base Lending Rate had been reduced to the all time low of only 0.05% in an attempt to kick start the economy as of course sensible lending and prudent borrowing are at the basis of a healthy economy.
The low base rate did nothing to encourage people to apply for mortgages, remortgages or secured loans even although many could have well done with a remortgage or a secured loan for such things as debt consolidation.
Now that people are fully aware that there is no economic quick fix now that the recession is over, they are again returning to their normal habits of such matters as purchasing a new car for example with the sale of new cars currently soaring.
Similarly they must now realize that while low rates from only 1.84% are still available, the time is right to consider tidying up their finances and combining outstanding credit cards, personal loans, etc.a remortgage or a secured loan lumps all repayments into the one.
Many maxed their cards to survive their shorter working hours for example, and with credit card rates of up to and even over 40%, arranging a secured loan or a remortgage to pay these cards off is a wise move.
Remortgages, as already stated, have interest rates starting from as low as 1.84% for a tracker remortgage and from 2.99% for a fixed product.
The interest rate for homeowner loans or secured loans is from about 9% at the moment.
Debt consolidation by means of a remortgage or a secured loan can save hundreds to even thousands of pounds each month for people deep in debt.
In addition, debt consolidation leaves one monthly payment instead of numerous payments, meaning that with fewer debts to pay every month the debt consolidation borrower will make the management of finances easier.
Arranging debt consolidation is advantageous for those with debts.
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