There is a variety of debt relief options and debt consolidation is among the common solution. In the process of consolidating the amount you owed, you have options to do it with or without a loan. Both come with advantages and disadvantages. It depends on your financial situation on which one benefits you the most. Most often, people will consolidate their multiple balances owed to different creditors into a consolidation loan. The question is: When should you go for a debt consolidation loan?Here are the 4 common situations when people consolidate their debt with a consolidation loan:1. You have difficulty managing multiple bill paymentsDelay or miss payments will cause you to pay extra on the financial penalties. It is also an unhealthy bill payment management that may lead to a debt problem. If you find difficulties to make the monthly bills payment on time, you may need a better solution to manage them. Among the common solution is by consolidating them with a consolidation loan. Basically, you are applying a new loan with the amount that is sufficient to clear off the total bills, and then you focus on one loan repayment. By eliminating multiple bills with different due date to single loan repayment, you will be able to manage it better and avoid the potential of late or miss payments.2. You find current bill payments cause financial burdenIf bill payments are causing financial burden and you have to borrow money to make the monthly payments, you are at risk of facing a debt problem. Consolidating the bill payments into a low interest-rate loan with longer repayment period can be a good solution to relax your current financial situation and get rid of the financial burden immediately. You can choose a consolidation loan with longer repayment period to reduce the monthly payment to fall within your financial capability. Although in a long run, you may need to pay more if you consolidate the bills into a loan that takes longer repayment period, but it is an immediate option to get rid of your financial burden and avoid any potential risk of getting into a debt problem.3. You like to ease your bills with one easy monthly paymentYou can still consolidate multiple bills even though you are not facing any financial problem. One of the key benefits of debt consolidation is to ease the bill management. If you have multiple bills, you can always take advantage to combine all bill payments into a consolidation loan.4. You wish to save moneyIf you have good credit score, you stand a good chance to get the best loan with the lowest interest rate. Therefore, consolidating multiple bills into a consolidation loan is a way to save money by reducing the total interest that is needed to pay toward the amount you owed.SummaryThe above are 4 common situations for people to go for a debt consolidation loan. If your finance intention falls in one of the 4 common situations, then you should goal for a debt consolidation loan.