People think the government has every solution to every need. When they are broke, in deep debt, or they simply require financial aid for whatever reason, they turn to the government. You must understand though that the government may not have all the answers to your financial woes. Even when it comes to government debt consolidation loans, the term does not actually refer to loans provided by the government but they are loans offered by companies that make themselves only look as if they are connected with the government when in fact they are not. Why they do this is because they want people to believe they are credible.Nonetheless you must know that getting out of debt is still possible even without the help of the government, but if you think that applying for a loan to pay off smaller loans is the answer, you have to think again. Remember what got you in debt in the first place — isn’t it because you failed to make your payments in time? Applying for debt consolidation loans requires responsibility on your part to pay the monthly dues and security, usually in the form of your own home. The thing is, if for some reason you become unable to pay on time, you can lose your home, and you certainly wouldn’t wish to risk that possibility.What you can do then is to have your debts consolidated through credit counseling. This requires you to make just one payment a month and does not require security. Moreover, this option lowers your interest rate to about 10%, which means that you may be able to pay off your debts in 3 to 5 years if you are going to make at least 2% payment.Just think, if you can be free of debts without having to lose your home, why consider other options?