Before you proceed your financial debt with loan consolidation, you should understand the difference between a secured loan and an unsecured loan. Debt loan consolidation may save you both, time and money too. Think carefully before you decide to move ahead. Investigate your options and look at the final numbers. Is your new loan going to cost you more in the long run? You may want to keep your existing loans, even if the payments are higher.
Remember, that in some cases you may actually pay more in interest over time with your new debt consolidation loan. Determining the merits of various loan consolidation programs can require some complicated number crunching. If this is not your strength, then enlist the help of a skilled financial advisor.