Sometimes it might not feel like it, but there are options out there for homeowners struggling with secured loan debts.

It’s particularly hard at this time of the year, with many consumers looking to reduce their New Year debts, but by talking to a financial specialist you may find that your January blues can be solved.

One option is for a secured loan. According to Nationwide, in January 2009 alone, almost 60% of all loans issued were for debt consolidation purposes. By consolidating debt, you reduce your outgoings and give yourself some much needed room to begin saving and move back into the black.

Richard Napier, Nationwide’s head of credit cards and personal loans says: “For those already in debt, the New Year can signal greater money worries. Money worries are made worse if the debt is spread across many sources such as credit and store cards, overdrafts and loans.”

Napier says that with additional mortgage borrowing, existing debts could be rolled into lower and more manageable monthly mortgage payments. So if you already have a mortgage, it may be worth speaking to a mortgage expert to see how they can help you.

Moving debt onto unsecured cards will only lead to more fees, more bills and more financial worries. But by rolling debts into a mortgage, your monthly payment becomes your only outgoing. That means you can save money, can breathe easier and can be safe in the knowledge that your lower rate debts are safe and secure.

SOURCE: Nationwide, 06/01/10

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