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What however works in favour of the borrowers is that a major
part of the debts of customers is made up of unsecured debts. This is because
borrowers fear securing too many loans on ones home or any asset. Unsecured debts
carry a high rate of interest. Allowing the debts to rise at the prevailing rate of
interest will create a very high debt burden. Therefore, if the debt problem is to
be addressed, one will have to strike at the roots, i. e. the rate of interest. The
rate of interest has to be clamped down in order to bring the interest burden to a
manageable level. Debt consolidation promises an easy relief from the clutches of
debt. As against bankruptcy and individual voluntary arrangement (IVA), debt
consolidation loan helps people repay their debts in a much smaller period. In case
of bankruptcy and IVA even if the debtor has repaid the debts, it continues to be
shown in the debtor's credit file for years. In the future, if the borrower wants
financial assistance in the form of loans and mortgage, the bad remark on the
credit file will pose difficulties. The borrower, in this case is referred to as a
problem case or a person with bad credit history. The use of debt consolidation
loan, on the other hand, is not revealed once the debts have been eliminated.
Therefore, debt consolidation loans come as an easy solution for borrowers who do
not want to extend the after-effects of the debt problem for a longer time. Once a
debt is incurred, the chance of incurring more debts increases. Cycle of debts
comes into play. Expert guidance is necessary to break this cycle of debts. Experts
who know about debt consolidation loans will not suggest debt consolidation loans
at the first stage only. The first stage of debts is when the size of debts is
relatively small. Only when the size of debts becomes unmanageable is debt
consolidation loan recommended. There are a large number of banks and financial
institutions that offer debt consolidation loans. Online service
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