Secured consolidation loans

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With a secured debt consolidation loan, you'll need to use an asset, like your home or car, as security for the money you've borrowed. If you fail to meet your. Secured debt consolidation is a more convenient way to pay off multiple loans that have high interest rates. You can also save a lot of money in the long term. A secured debt consolidation loan works like a second mortgage. This is why it is sometimes called a 'second charge mortgage'. If you miss payments.