With debt consolidation, you can obtain a loan and pay your existing loans. You can pay off all types of debts, including medical bills, credit card bills and personal loans. This loan is secured on any security in the form of any securable property like your vehicle, your home, etc. Debt consolidation offers an easy way to manage payments and in most cases it provides a lower rate of interest. Your choice of the type of loan would depend on which type of loan meets your needs. So shop around for the best rates.