If you want to a pay off all your high interest credit card bills or students loans and have less than perfect credit, you could be eligible to get a secured consolidation loan. A secured consolidation loan is a loan that is secured with some type of collateral, such as a house, automobile, boat etc. Most banks offer this type of loan however they might call it something different such as a home equity loan or personal loan. Basically if you are securing the loan with some type of collateral it's really a secured loan. These loans are easier to get because the collateral acts to shield the bank from higher risk.

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     Types of Collateral

     Most people will get a second mortgage or a equity line of credit as a secured loan, generally this is the easiest route as your home is usually your most valuable asset, however if you can swing it put your automobile or boat down as collateral if you own one. Depending on the amount of dept you owe should determine what you are willing to secure that loan with. It's better to loose transportation or recreation than it is a dwelling.

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     Shop Around

     As with anything the rates vary from bank to bank. My suggestion would be to compare the loan rates and terms with three or four lenders and then look to see what they will accept as collateral. Depending on the amount and terms of your secured consolidation loan you might be able to strike a deal and actually lower the overall interest rate of your loan ultimately helping you pay more principle on your debt then interest.

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     Consult A Professional

     If you're not a 100% sure that a secured loan is the best way to consolidate your debt, meet with a credit counselor to weigh out other options to lower your interest rates and tackle that debt.