Secured loan advice?

[JasonByrne]

We have a lot of debt , around maybe 14/15k on cards and loans , the cards are crippling just on minimums and interest.

I am a stay at home mother / carer. We are offerd a secured loan for most of the above to reduce outgoings, but I feel bad about securing. It just seems like the only option.

I worry about how it'll look when we need to renew the mortgage, I worry if we don't our credit files will be affected.

How does it all work? I said I'd get back to them later. We are currently not in the best position to nake extra payments above the hundreds we have to pay out on loans and minimums.

[Sanidly]

A secured loan should be avoided if at all possible, especially if you've been using credit to bridge the gap between your income and expenditure.

[LanestIo]

We were in a similar spot with cards stacking up and only making minimums. We ended up looking at a $3k loan to cover some of the higher-interest bits. It didn’t wreck our credit like I feared, and having one payment was way easier to manage than juggling four.