With a bad credit rating, many mortgage lenders will not touch you. The only option is to go to an adverse credit mortgage lender. An adverse credit lender is one that offers mortgages for people with bad credit ratings. This can be costly, as your monthly payments will be quite high with this type of loan.

During these times of high interest rates, many people will look towards debt consolidation to get rid of their debts. This sounds like a great idea to get rid of those sleepless nights from concern about money problems, but is debt consolidation as good as it seems?

The idea of debt consolidation is to give the borrower a loan with a lower interest rate, which can be paid back over a longer time period. This loan is then used to clear up all your existing debts. Even though the interest rates are low, you will still end up paying more money than you would have if you sorted out the individual debts yourself. Also, lots of companies charge service rates, which can become quite costly. You should be aware of the risk before you consider taking up a debt consolidation loan.

We are entering a time where the housing market is at a low. People need to be very careful during this period, and must take precautions so as not to be seriously affected. There are lots of options out there, as well as companies that can advise you on the best course of action. Remember to shop around for the best fixed rate mortgage; lots of companies now do them. If you find yourself in a debt related problem, you can get help from the National Debtline or the Citizen Advice Bureau.

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