Often, in times of monetary crisis you tend to seek the assistance of financial aid in the form of loans. Although these loans are easy to derive, it is also the loans that can be a major embarrassment for you, as non repayment of it can adversely affect the credit score. With multiple debts, it becomes quite tough to make timely repayments and adding to your woes is the high interest rate. Taking all these inconveniences in to account, the loan market has come up with the provision of personal debt consolidation loan. This loan helps you to pay back all the high interest debts in a structured manner.Personal debt consolidation loan enables you to merge and consolidate all your existing multiple debts in to a single affordable amount. This amount is then paid off with the help of the new loan sourced from one of the existing creditors or from a new one. By doing so, you are not anymore answerable to the multiple creditors. Instead you have to make a single payment to a single lender and that too at comparatively cheap rates.Depending on your need and requirement, you can avail this loan in secured and unsecured form. Secured form of the loan is approved only against collateral, which can be your home, automobile or car. Usually, this option of the loan is ideal for those who are looking for a bigger amount. The repayment term is large and due to the presence of collateral, you get to avail the loan at very cheap interest rates.Unsecured form of the loan is free from collateral pledging. This option of the loan is beneficial to take care of small debts. It is made available for a short term period. Interest rate is marginally high, but that’s because of its collateral free approval.This loan can be sourced from traditional lenders as well as online lenders. However, it is the online lenders who are known to offer this loan at benevolent terms and conditions. As the number of lenders is quite large, a proper research will definitely help you to get a better loan deal.Personal debt consolidation presents a unique opportunity to repay and get rid of all your multiple debt in a fairly organized manner.