Is a debt consolidation loan for bad credit the best solution? These type of loans allow you to place all of your debts such as credit cards, loans, etc. into a single loan. If you have found it difficult in the past and have problems with late payments and debt, you will find it difficult obtaining an unsecured debt consolidation loan with a low interest rate.A loan for Bad Credit is usually a secured loan at a higher interest rate than a standard unsecured loan. The lender will accept you on the basis that the threat of losing your house will make you more disciplined when making repayments in the future.However, many people do not realise they have taken out a secured loan due to a lot of the misleading television advertising created by lenders and in fact their home is at risk if they fail to keep up with repayments.Even more worrying is that for many people a loan is just the start of their problems and not the end, many people who use debt consolidation loans fail to address the original debt problems and discover why they are in debt.If you are considering a debt consolidation loan for bad credit, the first thing that you should do is look at your expenditure. Write down your outgoings and income and see why you are having debt problems in the first place. Rather than worrying about your debt problems and trying to find a quick solution with a loan, it is best to speak to a debt adviser who can help you find the best solution to your financial situation. You may find that a debt management plan, or even an IVA is a better solution than obtaining a debt consolidation loan for bad credit.