That's where the credit counselors at American Consumer Credit Counseling (ACCC) can help. At ACCC, our credit counselors offer free credit counseling and connect you with resources, debt management services and financial tools like a credit card repayment calculator that can help you pay off your debt.Depending on your situation, they may recommend a debt management plan, which allows you to consolidate your payments.A credit card, student loan or personal loan are the most common kinds of an unsecured loan.If you have both secured and unsecured loans and you're having trouble making payments, you may wonder which is more important to pay first: a secured vs. Conventional wisdom says you should pay the secured loan first, because otherwise you may lose your car, house or other collateral.There are several benefits towards such a method which make the choice to consolidate is a popular one among those who desire to get out from under the burden of multiple debts.People who choose debt consolidation by way of secured loans are able to have more of a say in the terms of a lending agreement.Those who have secured debt have more of a say in the terms of a loan, as banks and other lending agencies look favorably upon those who are able to provide substantial collateral, so the more a person has to offer in collateral the greater the amount of money can be received in a loan.Debt consolidation loans are beneficial in that they consistently have lower rates of interest than most other forms of borrowed funds.
If you default on the loan (fail to make the payments), the creditor has the right ("lien") to take possession of your property, sell it, and satisfy the debt out of the proceeds.Those who choose to consolidate secured debt have many options open to them.A secured debt is one in which a person has given substantial proof that they are good for the amount that is needed to be borrowed, which means that the more valuable an item used for collateral, the more secure a bank or lending institution is towards granting approval for a loan.I’ll also explain what debt consolidation is, different types of debt consolidation loans, where to get debt consolidation loans, alternatives to debt consolidation, and how to avoid scams.Lending Club is the nation’s largest peer-to-peer lender. A secured debt is a loan that is legally tied to an asset (e.g.