When you realize that loans you have incurred have multiplied, it’s too late for you to make amends. There is no way out, other than repaying the debts. But debts of such huge proportion cannot be erased through a single monthly income. You will have to rely on external finances and for that you can consider applying for low rate debt consolidation. This scheme is beneficial as it assist you to eradicate the debts and become debt free.Often with debts, you have to pay a high rate of interest. This is primarily because of the multiple debts. In case of non repayment of the debts, it will further worsen your financial standing. But with this scheme, you can consolidate all the high interest debts in to a single manageable amount. In a way, you get relief from the financial stress of making multiple payments towards the creditors. Moreover, you have to make the payments at reduced rate which will be comparatively low from what you have been paying till now. This way you will be able to save a lot of money which can be used to serve other purposes.This debt consolidation loan plan is bifurcated in to secured and unsecured option. For the secured option, you have to pledge any valuable asset as collateral. On the other hand, unsecured option can be accessed without any collateral. This loan option is best for those individuals who do not own asset such as tenants and non homeowners.The main emphasis of this scheme is to help you eliminate debts in a systematic way. With this loan plan, you can eliminate debts of every size without facing any hassles. This also helps you to rebuild and stabilize the tattered financial condition. If confused over the whole process, then you can seek the advice of counselors who are always present to help you in these circumstances.With the inception of online mode, availing this scheme has become much easier. You can apply for it from your home or office by clicking a few buttons. Not only this, by comparing the quotes, you will be able to select a preferable deal.Once you have cleared the debts with low interest debt consolidation, you can start leading a debt free life without any stress.