Debt consolidation loans are personal loans that enable individuals to combine all their current debt into one monthly payment. A majority of individuals in the United States have more than one credit card. Paying the minimum amount does not help because interest continues to grow. Eventually, individuals are not able to manage three separate payments and begin to default on paying their credit card bills. A loan for debt consolidation will enable individuals to pay one monthly payment for all three.There are numerous advantages to consolidation of debts. It often has a lower rate of interest than what an individual is originally paying on their debt. Though it does take an average of three to five years to clear the debt, it becomes easier for individuals to make payments, because they are tailored to the monthly finances of that individual. It provides greater ease when taking care of the monthly household budgeting necessities. If an individual continues to make regular payments on their consolidation loan, their credit rating will not be hindered.To know if an individual qualifies, they should speak to a debt expert. They look over monthly finances and budget necessities to establish if the individual is able to meet the loan payment amount. Individuals looking toward this type of loan must be employed or have proof of stable monthly income that can be used toward loan repayment.To find out if someone is eligible for debt consolidation loans, they can speak to a professional debt counselor. They assist individuals in looking for a lending company that will provide them with the loan, and they aid in creating budget plans, so an individual can pay their consolidation loan and still have funds available for monthly expenses.