Statistics show that 35% of Europeans have some form of debt, most of them for a home loan. It is common knowledge amongst bankers that most people do not know how to handle their loan account well and end up paying thousands in unnecessary interest. Banks are making millions in profit because Europeans are unable to take proper care of their Loan Accounts.
Gordon Gecko is an American consultant who is now in Europe and he is advocating the use of Debt Consolidation. This is a totally new concept for Europe. Many people in Europe are paying a house loan, car loan, another loan for appliances and credit card payments. “This is ridiculous†says Gordon Gecko “By utilizing debt consolidation one may take out one loan to pay off many others. This has the added advantage of securing a lower interest rates, and a fixed interest rate whilst conveniently dealing with only one loan agency†he continued.
Gordon Gecko is the author of “How I Live Debt Free†a top selling book in the United States. Now Mr. Gecko has decided to put his book online and anyone can read it for free at www.creditorsdebt.com
The total interest and the total cash flow paid towards the debts is lower thus allowing the loans to be paid off sooner, incurring less interest. Debt consolidation is also advisable when someone is paying credit card debt. Since most European Credit cards can carry a much larger interest rate than even an unsecured loan from a bank. In foreign countries some unscrupulous lenders wait till people are way behind on the payments and they repossess their homes. Although Gordon Gecko said that in Europe Banks are rather helpful and they never reposes a house since they insist on insurance one should not be careless in his payments as penalties and interest rates may sometimes mean that a person taking out a loan ends up paying thousands more.
Gordon Gecko is touring Europe to help people erase your debt. He is inviting anyone interested to visit his website www.creditorsdebt.com and to try his methods for free. The tips are in the form of easy to use articles and anyone may also use email to contact Gordon Gecko. For more information please visit http://www.creditorsdebt.com
