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Unsecured Loans - Debt Consolidation For Tenants
By Andy Silk
If you’re a tenant and you have a few different pieces of credit that you have to organise repayments for each month, you’re probably thinking like many other thousands of people up and down the country, that debt consolidation could be one way to regain control of your finances.

Firstly, what is debt consolidation? In today’s modern world, where the pace of life seems to get faster and faster, consumerism rules. People want the good things in life now and definitely aren’t prepared to wait and save up for them. Credit has become an integral part of the fabric of our lives. The range of credit available is also now much wider than ever before. We have:

- Mortgages

- Secured Loans

- Unsecured Loans

- Credit Cards, and

- Store Cards

…to name but only a few. They allow us freedoms that our parents and certainly our grandparents never dreamed of but then again, they all have to be repaid and that is where it starts to get a little tricky.

If you rent your home and your thinking about debt consolidation, you’ve almost certainly got a mixture of unsecured loans and tenant loans

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but you may also have credit cards and store cards that you use to provide you with short term credit. Each of these requires managing each month. You need to organise a repayment at the same time without ever forgetting any one of them as this could give you a much more serious problem the next time you wanted to apply for as your credit history could be adversely affected by any missed or late repayment. Pretty much all lenders will require your permission to check your credit file with one of the major credit reference agencies such as Experian or Equifax so that they can judge what your recent repayment history has been like. This helps them decide how much of a risk you are if they lend to you again in the future. Late payments and defaults will show up on this record and may not help you when you come to apply for again.

Debt consolidation can often help by providing a vehicle to bring all of your unsecured loans, tenant loans and credit cards into one. You apply for another unsecured loan in order to repay all of your outstanding credit, thereby leaving you with only one loan to repay each month. Only having to think about one repayment can make it much easier to manage.

It can also help by potentially reducing the amount of your outgoings each month. With credit cards and store cards in particular, there is a strong probability that you if you are not clearing the balance each month, you are paying a comparatively high amount of interest each month. By taking out an unsecured loan to pay off these cards, you are likely to have reduced the level of interest you will be paying. If you extend the term of the loan, then you could reduce the amount of money that you would be paying each month as well although this could increase the total amount you may be repaying over the full term of the loan. You may decide that because you have more money available in your pocket each month, things are once again much easier to manage.

Debt consolidation can be very useful to a great number of people and using unsecured loans or tenant loans to do it is a generally accepted method of enjoying all of the advantages that it could bring.

Just enter your details onto the enquiry form of an online broker and you should get a call from a loan consultant within minutes to help you with your application. You could have the whole process completed by the lender within a couple of weeks and with relatively little involvement from you. Happy hunting!

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Andy Silk is FinanceGuru for FeelGoodLoans.co.uk, specialists in www.feelgoodloans.co.uk/tenant_loans.php”>unsecured loans for tenants, loans and mortgages for UK homeowners and business owners.

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