If you have come into the New Year with debts all over the place your resolution must be to clean up your finances and become debt free.

The year ahead isn’t going to be kind to those with debts – credit card rates will not fall, neither will personal loans. And mortgages will not suddenly become a whole lot cheaper. And refinancing will continue to be as hard as it was in 2008 – the credit ‘merry-go-round’ is over and the only option is to get rid of debt, not amass it.

And what is the best way to get rid of debt as quickly as possible? Consolidation. By taking all your smaller debts – your credit cards, your loans and your store cards – and turning them all into one debt, you save money. You will only have one repayment rate, one bill at the end of the month and one mountain to climb, not five or fifty debt mountains.

The very best source for consolidation is your home’s equity. Using this in the form of a secured loan will allow you to say goodbye to all your debts in a safe way – the money is attached to your home, so the rate is lower and you have security on your side.

So make your resolution to become debt free in 2009. It won’t be a quick fix, and it will take work, but it needs to be done, and it can be done.

To keep up with the latest news and comments on current financial affairs please visit the Secured Loan Blog.

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