secured loans can be taken by pledging one's property on security and one can acquire money in large amount which can be used in variety of ways such as to buy home, to meet the expenditure of education,to buy car,to pay routine
bills.In this way one can acquire money to fullfil variety of needs.Secured loan can also be used for debt consolidation.

Hi, I was looking for a personal loans information on the web. I still have a lot of questions - what is the best personal loan that is possible to take and why?
please assist, i only found this site that talks about personal loans and has good articles about it
does somebody know more sites like these? please PM thanks.

yasar wrote:
Yasar, please don't take any of my comments personally they are not meant that way. I'm simply replying to the thread topic in general.

Okay, that being said.......

You can't get out of debt by borrowing money.

This is a concept the United States Government just can't seem to grasp.

Borrowing money on one's home to payoff other debt is a receipe for disaster.

Many people get these type loans, payoff all their credit cards, then run them right back up again only to dig themselves deeper into debt.

I'll say it again........
You can't get out of debt by borrowing money.

__________________
Gary Spicuzza, *SAFE
Copyright 1956.
No Rights Reserved.
*Self Appointed Financial Expert

I agree with Gary.

If you take out one loan to pay off another loan you just move the debt around but you still have the debt.

Good point.

It may be worth moving debt around if you can get a better interest rate. That being said, I am very reluctant to tie any kind of debt (other than mortgage) to my house. I'm just paranoid I guess.

Well said Gary... To take it one step further, avoid the initial debt in the first place and you will not be in a position to have to move it around.

Good points here.

Secured debt consolidation can sometimes be one of the worst things you can do. And it really handcuffs you if you do eventually have to file bankruptcy.

You see, unsecured debt gets wiped clean if you file for bankruptcy. Secured debt, however, has to be repaid back.

If you do decide to do a secured debt consolidation, make sure you know all the fees involved AND that there is going to be considerable financial advantages to doing so. You may save in interest charges, and pay in other ways. Do careful research.

Gary has said it all. I wish everyone in the world and in the US in paricualr can grasp this basic truth. You can never get things right by doing it wrongly. NO, it is not possible.

I agree with gary.
If you take loan to pay another that is not called you're out of debt. The best thing is to put initial debt in control which will prevent you from commiting another mistake in future.

well yea.. These loans are very important for the survival of the people in today's environment because the prices of the products whether they are durable products or whether they are perishable products are very high, the middle and the poor class people are not able to purchase the products very easily, even if they want to buy any small property for it also they have to go for loans. Loans are some how very essential factor in the lives of the people, because they are getting loan to meet the demands of the day to day. The loans make the life of the people wonderful, now they can easily get the loans at anytime but the fact remains very hard that the people have to pay the interest rate too. The interest rates make it hard for the people to repay the amount of money. The secured loans are always less risky and by giving these types of loans the lender should not be worried about having the payment back because the borrower has given him the valuable asset as well as a security. The secured loans are the best loans because by giving these types of loans the lender is not going to have large number of risks

Borrowing money to pay for things you cannot afford is lunacy! That is the biggest internal problem we have in this country right now. Years ago the phrase was, "keeping up with the Jones'". You never hear that today because everyone seems to be in the race to "have it now", "pay for it later". That philosophy is killing our country with homes we cannot afford, cars we cannot afford, bankruptcy and foreclosures at record levels, and no sense of fiscal responsibility. We think the big corporations should just suck it up, and the government should bail us all out. But who is going to pay for all these bailouts and losses? That's right, the consumer with higher taxes and higher prices. There is no free lunch!

I am agree with Gary,

these loans are given against property or fixed assets. You take loan to pay another that is not called you're out of debt.