If your debt is getting out of hand, you might want to consider secured debt consolidation loans. These loans are designed to allow individuals who find themselves in debt beyond their means to reasonably gain control of their finances.Secured debt consolidation loans pay off either a portion or the total sum of their debts so that there is only a low monthly loan payment to make, instead of the various debts that were consolidated. The lowest interest rates for payment consolidation are those that come from secured debt consolidation loans, largely because some form is required as a guarantee that the loan will be repaid.Collateral not only lowers interest rates, but it also frees the lender to extend offers to people who have had credit problems in the past. These loans are useful in avoiding bankruptcy as well as simply getting a person’s life back on track.Determining the best collateralCollateral is generally defined as some form property that has value and is used as a type of guarantee that a lender will get their money back, either by repayment or by repossessing and selling the collateral property. In secured debt consolidation loans, collateral is used to guarantee that the lender will be repaid even though the person borrowing the money may have had credit problems in the past. Because of this, specific types of collateral are preferred over others.Real estate and vehicles such as cars and trucks are the most common collateral for these loans, in no small part because of the ease with which a lender can determine the value and find a market for them. The collateral with the highest value should be used to guarantee the loan, since a greater value in comparison to the loan amount can help you to get lower interest rates and better loan terms. With a low rate and flexible terms, you may end up paying less than you would if you used collateral with a lower value while repaying your loan in a much shorter period of time.Shopping for the best dealIn order to find the best secured debt consolidation loans, you should request rate quotes from a number of different lenders using the same loan amount and collateral. Don’t dedicating yourself to any particular loan offer until you’ve had a chance to fully explore your options. Check with locally-owned banks and finance companies first, as they are sometimes more flexible with their rates, and take time to carefully compare all of the quotes that you receive for debt consolidation secured loans. After you’ve determined which lender has the best offer, go back to them and complete your application.Loan RepaymentMake sure that you repay your loan on time, since it can not only help to improve your credit score but it can also help establish good business relationships that can help you to get better rates in the future. If possible, make a larger payment than is due so that you’ll be able to pay your loan off faster and save even more money on interest.