Many people find themselves pretty much drowned in debt. Heck, Mike and I have some debt and know how hard it is to pull yourself out of it. Some times it seems has if you will never be able to get out of debt. So how does one lower their debt and still have money to pay the other bills that households rack up each month?
Some people get secured loans, personal loans or unsecured loans to help ease the burden. But figuring out which loan is the best for your specific situation can become frustration.
Unsecured loans are a loan that is not back by any type of collateral.
Secured Loans are backed by your home. That means that if you can not pay off the loan then the lender can forcible sell your house.
Then you have Personal Loans which are based on the borrows ability to pay.
So have any of you gotten a loan to help reduce your debt? If so did it make things easier or just create more problems?