A debt consolidation loan is a new loan that is secured by your property and pays off most or all of your debts. It could save you a lot of money and also save your credit. Here is how to get a debt consolidation loan:

First, add all of your debts up. Include all of your credit card debt and your loans.

Compute the interest rates that you pay on all of your credit card accounts and loans. Interest rates on most credit cards usually run from 12 to 21 percent.

Next, search for a reputable lender. Check out several lenders around your area and compare their loan products and services. You can start looking in the yellow pages or surfing the web for one. You can even compare loan products online. You can also ask your local real estate agent for a referral.

Find out which lender offers the best debt consolidation loan for your needs. Loans all differ in amount, interest rate, the type of interest rate (fixed or adjustable), and the length of time that you will be paying for it. The loan program and the interest rate that you qualify for depend on your income, equity and your credit.

Lenders usually require credit cards and loans be paid off through escrow. What this means is that once the loan closes and you get your new consolidation loan, the old balances will be paid.

Once you have chosen a lender who can offer you the best debt consolidation loan, fill out a loan application form. Complete the form by supplying all the needed information accurately and by providing all the necessary documents. Also submit copies of all credit card and loan statements that will be paid off to the lender.

All that is left to do now is to complete the loan. The entire process takes up to three to four weeks.