Debt Consolidation Via Remortgages And Secured Loans.

Now that Xmas and the New Year are behind us and things are getting back to normal, or more accurately have returned to normal, with the children back to school and the adults back to the grind of hard work,it is a good time to take stock of ones financial situation.

The past three years has lead to decreased working hours and consequently reduced earnings.

Some of those who have been made unemployed have found other positions but often their pay is less.

Over the festive season many sick and tired of pulling in their belts until there was hardly a notch left, really pushed out the boat and spend lavishly over the Xmas period as is witnessed by the fact that supermarkets and stores in general had their best trading period for years.

People who put off their grocery shopping as long as they could before Christmas due to adverse weather conditions, were met by empty shelves, when on Christmas Eve they sauntered into Asda, Waitrose, Morrisons, etc. , as those prepared to face the snow and the cold temperatures had snapped everything up as if the food goodies were going out of fashion.

Children nowadays are not content with a doll, football or a game of snakes and ladders any more but demand and receive computers, Nintendos, X Boxes and so on and all this costs a lot of money.

Having spent so much at Xmas, people who were already struggling to cope with their financial situaion are in a worse state than ever especially as they have maxed their credit cards.

Credit cards come with very high rates of interest and when someone has several cards they can become very difficult to manage and even remembering on what date they have to be paid each month can become a problem.

One credit card can be handy, but several cost vast sums of money unneccesarily and can lead to financial suicide.If the minimum 3% is paid each month the affect on the outstanding balance is almost nil.

Debt consolidation to roll all these credit card debts into one monthly payment is the salvation needed both to save money and make financial management easier.

Taking out a remortgage or a secured loan for the purpose of debt consolidation is the best way for homeowners.

This solution is particularly good if the homeowner is coming to the end of his current mortgage deal and therefore will not be charges an early repayment penalty, but sometimes even allowing for a penaly, arranging debt consolidation by remortgages is still very cost effective.

Sometimes an early repayment charge can be up to 5% of the remaining balance and if a homeowner has a large mortgage the penaly will be substantial, eg. on a mortgage balance of £300,000 the penaly would be £15,000.

Arranging debt consolidation by either a remortgage or a secured loan is really the best way for a homeowner to save money, and often a great deal of money running into hundreds of pounds monthly, while at the same time making money management so much more simple.


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Having been established for almost twenty six years, Champion Finance are experts in the field of secured loansremortgages and mortgages from the entire UK mortgage market. They also offer sympathetic debt advice including excellent advice for debt consolidation, etc.