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Because lenders have this extra level of security they're able to offer more attractive rates.

You should think very carefully before consolidating personal loans and other unsecured debt into a secured loan.

In many ways a mortgage can be seen as the ultimate form of secured loan, so if you're considering remortgaging to consolidate debt again remember that you're putting your home at risk if you can't meet the repayments.

If you feel you'd be tempted to fall into this type of destructive borrowing then a debt consolidation loan really isn't for you...Before consolidating, you should note that some lenders may charge exit fees or early redemption charges if you repay ahead of schedule.Of the 126 unsecured personal loans analysed on Defaqto in December 2014, 83% allowed the loan to be used to consolidate debt.Depending on your circumstances there are a number of alternatives to think about before opting for a debt consolidation loan.That's because they'll lose a chunk of the interest you would have paid if you'd stuck to the original terms.

On 2 December, 2014, found that only 28% of the 126 unsecured personal loans listed on the matrix of independent financial researcher Defaqto had no fee for early redemption of the entire loan.This means that combining all your debt into one consolidation loan could reduce the overall rate you pay, and possibly reduce the overall amount even if you pay over an extended term.For most people it's about saving money and getting back in control, and the black-and-white financial sums are easy enough to work out.While the repayment rates are likely to be more attractive you must always remember that your home or other asset is at a greater risk of repossession.Don't rule out unsecured loans - if the amount you owe is less than about £25,000, unsecured personal loan products may be a better option and many allow debt consolidation.Make a list of all your existing debt and check the small print, then factor any additional costs for repaying early into your sums.