The past year has seen a huge rise in applications for a low interest debt consolidation loan, and it's easy to understand why.
The global recession has placed financial pressure on everyone, and times are very tough.
You can easily be plunged into a desperate state and don't know which way to turn.
The mounting bills and rising payments can force you into arrears, which leaves you with a bad credit rating.
By defaulting on your payments and having a bad credit rating, you become a 'high risk' customer, so fewer people want to lend you money.
Credit cards and store cards can charge a high amount of interest, which increases when you fall behind with the payments.
The answer to your problems could be to get rid of all these payments with a low interest debt consolidation loan.
You stand a good chance of getting the loan if you have collateral such as property, and this is often known as a secured home equity loan, or simply a secured loan.
Whatever the title, the main thing is that the interest rate is low.
You take out a secured home equity loan in the knowledge that if you fail to repay it the finance company can seize the your property.
It depends how much you owe on the property, as to how much you can borrow.
Try not to be tempted to borrow more than you need, because your goal is to make your payments as low as possible.
Choosing the right loan company requires you doing a bit of research, perhaps on the internet.
Check out several companies, their reputation, interest rates, repayment periods, etc.
With a little bit of groundwork, you should be able to find the low interest debt consolidation loan that is just right for you.