Debt Consolidation Loans Keep in mind that you can consolidate unsecured debt with credit counseling without taking out a loan. The advantages of a debt consolidation loan is that you may consolidate secured debts in addition to credit card debts and interest charges may be tax deductible (if the new loan is secured by a mortgage). Free Debt Consolidation Quotes Once you've found yourself in debt it may feel like a downward spiral from which you don't know how you'll ever regain your footing.  It's hard enough to find simple answers and may seem impossible when the collection agencies constantly call your house and threaten the security of you and your family.  Ultimately your decision to choose debt consolidation, a debt management program, or a consumer credit counseling program to consolidate credit card debt should be based on your finances and your monthly earnings. President Bush says he will sign the bankruptcy reform bill that will require credit counseling before individuals file for personal bankruptcy. Congress moves to make credit counseling mandatory before filing bankruptcy.