Statistics show that 35% of individuals 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 of liri in nnecessary interest. Banks are making millions in profit because Maltese are unable to take care of their Loan Accounts.

Gordon Gecko is the author of erase your debt 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

Gordon Gecko is an American Financial Consultant who is now touring the world and advocating the use of Debt Consolidation. This is a totally new concept for most people. Many 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.

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 Credit cards can carry a much larger interest rate than even an unsecured loan from a bank. Some unscrupulous lenders wait till people are way behind on the payments and they possess their homes. Although

Gordon Gecko said that most 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 of dollars more.

Gordon Gecko is now retired in the paradise island of Malta