Managing the debts and subsequently repaying it off is perhaps the worst phase that you may have faced till now. It is also essential to repay the debts, other wise it may ruin your financial standing. But paying back the high interest debts is not entirely possible without any external help. So the best way to solve the crisis is by availing personal debt consolidation loans. These loans assist you to pay off all your debts in a systematic and organized manner.Under debt consolidation program, you can obtain a fresh loan from one of your multiple creditors or from a new one to pay off the debts. After paying off all the debts, you now have to deal with a single loan. Now instead of making multiple payments, you will be paying a single monthly payment at low interest rates. Moreover you get respite from the harassing calls of the creditors. So with the helps of these loans, you can easily settle the debts without undertaking too much stress.The loans can be further availed in secured and unsecured form. Secured form of the loans is preferable when you are looking for a bigger amount to consolidate the debts. To avail the loans you will have to offer one of your valuable assets such as home, real estate etc as collateral. The interest rate is comparatively low and you have large repayment duration to pay back the amount. On the other hand, unsecured form of the loans can be availed without pledging any collateral. This option of the loans is preferable in case you have small amount of debts. However, the interest rate charged will be slightly higher.The major beneficiaries of these loans are those with bad credit problems. By consolidating the debts, they have a chance to stabilize their financial condition. Besides, on ensuring timely repayment of the loans, they have a chance to elevate the credit score.Personal debt consolidation loans are offered by banks and financial institutions. However, it is preferable to apply online as it enables you to derive the loans with instantly due to its fast processing. On comparing the rate quotes of various lenders, you can easily spot lenders offering the loans with better terms and conditions.