We all want to stay away from any sort of debt damages and live a debt free life. Debt consolidation loan is a loan that replaces all the loans you have. So instead of paying your numerous creditors individually, you only have to pay the debt consolidation loan a monthly installment. These loans help borrowers to quench their debt burden. Moreover, these loans are available both in secured and unsecured forms, so all sorts of borrowers including those having poor credit score can apply for these loans.