Is Debt Consolidations Being Prejudiced Unnecessarily?


Ambrose Bierce quoted that forgetfulness is a blessing of God granted to debtors. He very craftily tried to explain the real cause of increasing debts for any normal person. Yes, the true reason is forgetfulness, which resides in almost every debtor who fails to repay his debts on time. Some people also have other quality of negligence. Both these qualities act as rewards for people’s impoverishment. Bankruptcy is what they face and thanks to these two qualities they also have to face society’s offending and hence they start getting fully depressed, deeply agonized and intensely tormented. After completely getting hypnotized by these debt consolidation firms even the top ten reviews can’t change your decision. But before taking further steps, first let us get facilitated by the term and concept of debt consolidation. This concept can’t be just judged by the top ten reviews, which constantly admire their services. But all the financial experts have always been against these debt consolidations, are they right? Or these firms are redundantly prejudiced, let us find out, not just considering some top ten reviews but also by people’s personal experience.


Introduction about the concept

Debt consolidation means unification of all of your previous debts. It can be visualized as a tool in every financer’s tool belt. It is capable to lift heavy debt loads from your shoulders, and provide you stressful financial freedom and proves as a light in a dark future. But some people see it in a very pessimistic way where they say that debt consolidations, instead of lifting your debts off your shoulders put more on your head. Because, debt consolidations at first lower your interest rates, but increase the term of your loan, hence you will be paying a lot more to the firm just to be salvaged at that instant. Well, to understand more about this topic we should have a basic understanding about secured and unsecured loans

Secured and Unsecured loans

Secured loans: In these types of loans, when you obtain this loan you pledges a property, either your essential house or your expensive car. For example, when you go for a mortgage loan, you provide your much-loved house to the bank, keep it at stake you obtain the loan. If you are unsuccessful in paying the debts, the company has full authority to seize the house and even put up for sale if requisite.

Unsecured loans: These types of loans were specially meant for high class people, normal people aren’t given access to these types of loans. Here the loan is provided on the debtor’s promise that he will repay the debts. While nowadays, normal people are given such type of loans in the form of credit cards.

Pros and Cons of secured and unsecured loans


  • Secured loans are known for their lower interest rates than unsecured loans. Also they are easy to obtain for normal people.

  • Whereas people with unsecured loans are less stressed since neither their property, nor any other of their asset is at stake.


  • In secured loans, people put their property at risk; hence if you fail to repay the loan your property will be undoubtedly seized.

  • While in unsecured loans the interest rate is very high. Many people do not qualify the actual necessities of this type.


If you carefully read and interpreted the above article you will come to know that by either type of secured or unsecured loan, you will be tormented to a great extent. So, these financial experts are correct about these firms that they mislead and are just putting a false impression on people. Hence, it is not an unnecessary prejudice.


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