An internet surfer will certainly be inundated with flashing banners and pushy ads promising to clear debt forever. Even turning on the TV causes a bombardment of advertisers promising you the earth if you take out a loan.

The first thing to look for when considering a debt consolidation loan is the flexibility allowed on the repayments. This will allow you to make bigger payments when you are in a position to do so and thus settle the loan earlier.

The second thing is to ensure that you take out a fixed rate loan which is the safest way to ensure that you are able to make all payments and are not surprised by rising interest rates. This will simplify your debt management process throughout the course of the loan.

Also ensure that the loan you acquire does not carry a penalty for early settlement

What to avoid

Payment protection insurance as it is costly and is only suitable for people within a certain status. Do not borrow more than you need, even though the temptation is there, the more you borrow, the more you will have to pay back.

Be wary of those who over advertise as someone needs to pay the fees incurred from misleading promises and unbelievable offers. And last but not least, keep a roof over your head by avoiding a secured loan.

A debt consolidation loan can work very well but the only way to wipe the slate clean is to start a regiment of repayments which are consistent each month. Work hard to pay off your loan and you will be rewarded with a fresh new start which is something wonderful to look forward to.