A wrong choice of a loan type will ruin the fiscal status of the individuals
. However, debt consolidation can be the solution in the short term and the borrowers must plan their expenditure itinerary according to the loan amount. A need for the consolidation of loans reveals the fact about the unreliable spending habits of the individual. This is only a solution but not a cure in itself and should be made as a strong foundation to come out of all the debts. Falling back to the old lifestyle and standards would make the borrowers to go back to square one. If any borrower is looking for a debt consolidation loan, he must take the cue to come out of his financial distress and to lead a new lease of promising debt free life.