Everybody is facing financial problems in this time of recession. Monthly pay cheques are shrinking. Hourly pay rates are descending day by day. In the worst cases, many companies are showing the exit door to many of their employees. Then how will you live the luxurious life you are addicted to? How will you pay off the loans that you took out when times were good? Examples of these loans may include personal loans, credit card loans, gas loans etc. In this situation, debt consolidation consumer loans may save you from stressful days and nights.What is a debt consolidation consumer loan? It is a loan is a single loan that you may take to pay off all your other, smaller loans. Now you do not have to pay the many installments for all your credit card loans, education loans, medical expenses and home ownership bills; instead, you will pay a single installment every month that may be light on your monthly budget. Yes, you will have to pay the monthly installments for a longer period in the case of a loan.What are the benefits of it? It has several advantages. One of the most important advantages is that now you do not have to worry about paying numerous installments of your different loans. The interest rate you will have to pay is normally lower than that of any other loan. You now have the advantage of paying in smaller, easy installments to get rid of your debts.Which loan program will suit you? When choosing the best debt consolidation consumer loan, you must be aware of all the types of programs available and you must be firm about your needs and financial situation from the start. You may choose one of various types of programs like a personal unsecured debt consolidation loan, home equity loan, cash-out home refinance and credit card consolidation. Each of these programs has its own merits and demerits. You may request the help of a consultant to choose according to your needs.Do you qualify for a debt consolidation consumer loan?It is not 100% sure that you will qualify for a debt consolidation consumer loan. If your debt amount ranges somewhere between $2000 and $5000, most probably you would not qualify for a debt consolidation consumer loan. In this case you will need to contact a credit counselling organization to learn how to manage your finances. You may only take advantage of debt consolidation consumer loans if the total amount of your unsecured loan is more than $10000.What do you need to apply for a loan? Before contacting any financial organization for a loan, you must have some essential information handy. This information includes your recent credit card statements, information about your other loans or mortgages, bank transactions, and some of your recent monthly pay statements or proof of income.