Now that you have debts, you must focus on how to get rid of them. One way is to take a personal loan that pays off your debts immediately. You will find such a loan by the name of personal debt consolidation loan in the loan market place. Since persona debt consolidation loan is a special loan for debt consolidation you get the loan without your debt problems.Personal debt consolidation loan means you pay off debts immediately through the loan. This also implies that you are no more worried about paying interest at higher rate as before. Clearly you save lots of money. After you have cleared debts though the loan, all you are required to do is to make a lower monthly payments towards the loan installments. Your debt amount is thus consolidated into single monthly payment of reduced amount and so the new loan is easier to pay back.You can opt for secured or unsecured personal debt consolidation loan depending on your circumstances. In case of paying off greater debts, you should pledge home or any property of value as collateral to get secured personal debt consolidation loan. Also the secured loan ensures lower rate of interest. You can opt for convenient repayment duration from 5 to30 years as suits to your repaying ability.Unsecured personal debt consolidation loan ensures smaller amount of loan without collateral. But the rate of interest goes higher on the loan. Still, if your credit history is good, the unsecured loan can be availed at comparatively lower rate.And do not worry about your bad credit. If you have adequate repaying ability, bad credit seldom comes in the way of personal debt consolidation loan. But compare different lenders by asking for their rate quotes. On extensively comparing lenders a good or bad credit borrower will surely have a loan deal that is especially advantageous in paying off debts through the lower rate loan.