There is always a possibility of facing serious problems if you have not taken care of the debts accumulated. In the best interest of your financial standing, it is better to repay the debts as soon as possible. In case you are having multiple debts, it is impossible for you to generate the amount from your limited monthly income. So the best feasible option lies in opting for a personal debt consolidation loan. This loan helps you to clear all the unpaid debts in a very smooth way that to without facing too may hassles.Under this loan, all your existing unpaid debts are merged together in to a single manageable amount. Then, with the help of the loan you can easily pay off all the debts at reduced interest rates. Now, you are required to make a single monthly payment towards the debt consolidation loan installments.. Instead you have to make a single monthly payment at low interest rates this way you will also be able to save a lot of money on interest rates.You can obtain this loan in the classical format of secured and unsecured loan. If you are in need of a larger amount then you should consider availing secured option of the loan. The rate of interest for the loan is comparatively low as the amount is secured against an asset. Its repayment tenure too is large and lasts for a period of 5- 25 years.On the other hand, unsecured option of the loan can be availed without pledging any collateral. Through this option, you can obtain a smaller finance in the range of £1000-£25000 for a short term period of 6months- 10 years. In the absence of any collateral, interest rate for the loans are comparatively high.The major beneficiaries of this loan are those borrowers who are having arrears, defaults, non repayment etc. with the help of this loan; they can surely improve their credit score and retain their financial standing.Personal debt consolidation loan are offered by most of the lenders. but if you wish to gain cheap rates, then you should opt for online application mode. By comparing the quotes, you can come across lenders offering cheap rates. in other words, with this loan you can easily get rid off the debts in a convenient and affordable manner.