Being stressed over debt is a time when you least likely want to worry about how to resolve it, whether through debt consolidation or not. But when you do decide on consolidation it is definitely one of the best and smartest strategies. Also consolidation can relieve the stress you have been suffering from in the first place. Of course you should learn as much as you can about it before getting started as you can. Knowing as much as you can will get you started in getting your finances in line and fix your debt. First of all you may be wondering what exactly debt consolidation is. It is, to put it simply, of combining all your monthly payments and debts into one single big payment. Most of the time when you go with consolidation you will receive a loan in order to pay off any high interest rate debts. Depending upon your specific credit situation you can get either a secured or unsecured loan. No matter which one you receive however you will be glad you got a consolidation and began to get your debts straightened out. Next you may wonder what the difference is between an unsecured and secured loan. Basically an unsecured loan for debt consolidation is one where no collateral is required. This type of loan is good for those who do not have a home or car to put up against a loan, but can be difficult to get with a bad credit report. Of course how much money you owe could also affect your chances of receiving one of these. A secured loan for consolidation consists of a loan that does require some form of a collateral to put up against it. This kind of loan is one that those with a bad credit report will have an easier time of getting approved for. This type of loan though does require that the person asking for the loan have something such as a house or car to offer as collateral. This collateral is insurance for the bank or the lender if the borrower does not pay back the loan on time. These types of loans are usually used in debt consolidation for those who have a high amount of debt, but usually come with lower interest rates. Of course you may need or desire to find more information in regards to debt consolidation. There are several places to find this information. Banks and lenders are a great source for this information; by checking out the ones in your area you can gain a lot of knowledge. Because most of these places offer these services they are excellent sources for information. Of course another place for information on consolidation is online, taking the time to research these different sources are well worth it. Lastly figuring out if you even need to consider consolidation is a concern. The most common way to know is if you are having a harder and harder time just trying to make your minimum payments on time. Most people have a general idea without really trying if they need help. In the end with all the information on consolidation it can be hard to determine if it is right for you or not. Weighing your options carefully and taking the time to thoroughly research debt consolidation is always the best option and the one that makes the most sense in the end.