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Hi Marie

You need to research for a good debt consolidation loan company that can offer you the lowest rate of interest and easy monthly payments.

Make sure that when you shop for such kind of loans, the main objective of the company should be to erase your debt faster and at the same time save your hard earned money.

Calculate the total amount of your debt so that you have a realistic idea of how much money you need to borrow with your debt consolidation loan.

Make pre-arrangement with your lenders before signing the agreement not to charge any redemption fee if you wish to pay the debt earlier than agreed at the outset. The balance on the loan should not be reflected as the full amount outstanding.

Fix up a monthly budget with your income and expenditure and make sure that you have kept some money aside for emergencies. Before taking a debt consolidation loan, make sure that you will be able to pay back the loan otherwise your amount of debt will further increase and you will be back to square one.

If you want to shop for a secured loan, you will get the most competitive interest rates, but you will have to keep your house as collateral. The lender is willing to lower the rate of interest because he is at a less risk of lending you the money. If you default in your payments, then he will repossess your home.

Compare the Annual Percentage Rate (apr) while taking a debt consolidation loan from the different leading lenders. This will prove their competitiveness. Make sure that there is no hidden cost and provide you a fast, efficient and prompt service before you actually sign the contract.