Posted on August 5, 2009 at 8:28 am It really depends. A secured consolidation loan requires that the debtor attach collateral to the loan (usually your home- known as a "home equity loan"). This is risky because if at any time you fall behind on the loan payments you run the risk of foreclosure on the property. Unsecured loans can be tough because the interest rates are usually very high since the lender requires no collateral. And, you aren't getting to the root of the problem- rather, you are robbing peter to pay paul, and it means you are overextended. How much is it that you owe? Have you considered other options?