If you are in deep financial problem with lots of debts to deal with and if you have not taken a second debt consolidation mortgage loans then you are doing a financial blunder.What is a second debt consolidation loan?A loan which can be taken after your first mortgage loan is known as second mortgage loan. Basically a home equity line of credit (HELOC) and a fixed rate home equity loan are the most common type of second mortgage loans. And both types of loans provide you a best solution for you to consolidate your current high interest credit card or other bigger loans.Due to following reasons these loans are the good for you:A lower Interest: These loans have substantially low interest rate than a credit card debt.More flexibility: A home equity line of credit works like a credit card which you can use any time with your own convenience and requirement and no one knows when the emergency cash will be required. However, a fixed rate home equity loan will force you to take a disciplined action to payoff all your loans in time.Tax benefit: Being a mortgage loan, you can claim tax deduction on the interest you are paying. So, in a manner you will get benefit for even paying your credit card bills.If you are dealing with large debts then you should not delay and should opt for a second debt consolidation mortgage loan as soon as possible. However, after getting this loan you should also make a good budget for yourself and plan your expenditures and expenses in an effective manner.