http://www.aboutdebtsettlement.com/debt/debt-consolidation/debt-consolidation-loans/ Debt consolidation loans give you the cash you need to get your unsecured debts paid off. Learn a little more about debt consolidation loans here. en-us Sat, 26 Jul 2008 15:00:00 EDT Sat, 26 Jul 2008 15:00:00 EDT Weblog Editor 2.0 Ever wish you had enough money to pay all your credit card bills off at once? Think that's a "debt-defying" feat? Think again.Debt consolidation loans make it possible. Debt Replacement It's true that debt consolidation loans replace one amount of money owed with another. But with debt consolidation loans, your unsecured debts are paid in full in just five years. Without the aid of a debt consolidation loan, it would take much longer. Here's an example: The average household credit card debt as of 2004 was $9,312. Assuming this was one of the lower-interest MasterCards or Visas (meaning 14%) it would take 13 years to pay back if you only pay the required monthly minimum (which totals 4% of your balance plus the finance charges) each month. This means that you charged $9,312, but by the time you pay it all back in 13 years, you will have paid back a total of $13,090.81. ($3,778.81 of that is interest.) But most debt consolidation loans have interest rates in the single digits. This means you will have the loan paid back in about five years. One thing about it--debt consolidation loans require collateral. If you don't have collateral, you might want to look into another type of debt management program like debt consolidation. If you're a homeowner, you could use your house as collateral, but it would be much smarter for you to get a debt consolidation mortgage. That's the cheapest and best way for you to get rid of our unsecured debt. Whatever you decide to do, good for you for doing something. Time is money, the time is now, which means the money is now. Wow. Secure those debt consolidation services you've been reading about - secure your future! Put time on your side with credit card debt consolidation. Sat, 26 Jul 2008 15:00:00 EDT