Is debt mounting steadily as your monthly income falters and bills pile high? Are high interest rates on an unsecured loan burning a hole in your pocket? Do you find it hard to track your credit card payments with your other financial liabilities? Then perhaps it is time you considered secured debt consolidation loans in order to manage you financial liability over the long run.If you are looking for ways to merge your financial liabilities into a single manageable debt that can be repaid over a longer period of time at lower interest rates, then you can easily opt for a debt consolidation service today. Such an arrangement would require you to take a single low interest loan to pay off other outstanding loans. Consequently, your monthly repayment liability goes down and you savings from interest goes up marginally in the long term.There are, however, some imponderables that you should consider before going in for a consolidated loan repayment plan. One point at hand is the long term debt liability involved. This can be easily resolved through debt management options. Some companies offer to manage you debt against a service charge and even aid you in negotiating with creditors in lowering the interest rates and managing monthly expenditures.Why debt consolidation loans are the thing for you!Credit Rating: Going in for a loan which will consolidate your existing debt, can significantly improve your credit rating. Restoring your credit before taking out this type of loan will also help you to get a better interest rate.Manageability: Having multiple credit cards or loan repayments to track can prove to be difficult business. Your financial position is hazy and you can easily miss payment deadlines. By having just one loan you can follow what interest you are paying and ensure that payments are made on time.Lower Interest: You cut down on the amount of interest you are paying. You can even opt for a low interest balance transfer into a consolidation loan with lower interest rates.What to watch out for?High Interest First: Make sure you consolidate and pay off the loans with the highest interest rates first.Long Term Offers: If you are going to need some time to pay the debts off then make sure the consolidation offer allows you to do this.Predatory lending: Guard against unfair repayment conditions. Read and fully understand the contract of agreement, especially in the small print.