An ordinary person owns the responsibility for livelihood of his family and education of children. In order to meet his need, he may get a few loans thinking that he will manage to pay back all his vehicle, credit card, and other personal loans easily. However, in fact, in many cases these loans start slipping out-of-hand. The situation becomes miserable for him as he is not able to make repayments fully in time, when the interest rates are so high. The ultimate solution for his respite is going for a debit consolidation.Debt consolidation is a process that will aggregate all your present loans from different sources to a single loan comparatively at a lower rate of interest and mostly against a collateral security. You can get the debt consolidation done by a private company, a bank, a financial institution or a government agency. The loan will ease out your repayments as you have rather a single installment to be paid and managed every month. Debit consolidations can be done either as a secured or as an unsecured loan.However, it is difficult to make a decision, whether you should go for a secured or an unsecured debt consolidation. Your objective will depend on their relative advantages and disadvantages in relation to your credit rating, terms of loans and amount for debit consolidation.An unsecured loan can be an excellent option for meeting easily the family expenses and making monthly loan repayments in a simpler way for those individuals who have a good credit score. It is feasible to combine all loan repayments under one umbrella and make a single, affordable monthly repayment. You should think carefully before switching over to an unsecured debit consolidation loan. However, it is a fact that most of those people who go for debt consolidation have a bad credit report.Getting debt consolidation loans secured is an easier option in many cases. You can go for a long-term alternative to pay off your loan. In majority of cases the pay back period is 5 years. The period can be as large as 25 years even in some cases.You may pay a lesser installment each month without over-straining your pocket and can care for your house hold needs. If you have a bad credit rating, you can go for debt consolidation against a collateral security. It will not be possible to get an unsecured debt consolidation in such a case.Debt consolidation loans secured have some disadvantages as well:1. You are required to sign a mortgage agreement with the loaner for your property.2. Your property is not secure, as the lender may go for foreclosure in the event of your failure to make payments. It is rarely possible to get back your property in such a case.3. The amount of interest to be paid will be more in case of debt consolidations loans secured.4. As the repayment period is long, you have the burden for a longer time and consequently, it amounts to pay interest for a longer time, and overall more amount of money is to be paid back.5. You cannot get a secured debit consolidation loan, if you don’t possess any property to be given as collateral security.As discussed above, you cannot mange to return all your different loans and fear to get bankrupt, it is best for you to go for a secured debt consolidation loan.Before you go for any debt consolidation loan secured, you have to observe few precautions:1. Consider carefully about the collateral to be used for securing the loan as your failure to repay the loan installment for any reason may snatch away that property from you.2. You should do some research about the lender about: his reputation, terms and conditions, rate of interest, etc.It is clear that you have the advantages to go for a debit consolidation loan secured as compared to an unsecured debt consolidation loan or carrying on with so many loans, which you cannot manage to return.