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A debt consolidation refinance might be a very sweet plan for somebody that is hurting to pay their monthly minimum payments on credit card debts. By consolidating all of a consumer’s debts into one new loan at a better interest rate, adperson might feel a huge relief. At that point, the new installment should be much more manageable and should lower the bill quicker due to less cash being wasted on interest. The only negative is you have to put up some sort of valuable to receive the refurbished loan. Molding unsecured credit card debt into secured debt is a unwise decision. Falling behind on a credit card account isn’t a good thing, but defaulting on a loan that’s drawn into a home or vehicle is definitely worse because that item would then be at the mercy of the creditor. Getting out of debt as soon as possible!