Are private loans used for consolidation ? you bet they are, this is the best method i believe personally to deal with debts, when considering whether or not to consolidate your outstanding debts most people lean towards debt brokers or consolidation experts and or consolidation companies that well know or have a large client base, these people don’t take into account that they in fact can consolidate debt using a personal loan (providing the bank will give you one on the grounds of your current situation).

If you feel you can manage your money well enough and can not foresee any problems arising in the near future then i would recommend either borrowing from a friend or family member to consolidate debt, if friends and family can not help you out then it would be time to try the banks for a personal load, should they approve your loan you would only be looking at a 10+% interest rate as to a much higher interest rate offered by consolidation agencies. I myself have used a personal loan to consolidate my debts and it become quite clear i had made the right choice after calculating my total expenses compared with what the debt consolidation broker i was going to use at the time.