Personal loans can pay off other debtsThe recent financial crisis has caused many consumers across the country to fall into credit card debt or see their home loans lapse into foreclosure. In these cases, they may find a personal loan to be helpful.A personal loan can help consumers consolidate their debt into one account. Such loans are often for sums large enough to pay off an outstanding credit card bills or some other kind of large debt. In effect, they are simply merging all their credit into one account, which can be paid off over time and which can sometimes have an interest rate lower than their previous debt, according to a report from the consumer advice website Helium.com. By consolidating their credit with a personal loan, consumers are able to make just monthly payments to a single creditor rather than several. In addition, the new payment is often lower than the combined total of the old ones. However, these loans may not be easy to qualify for, since most lenders require consumers generally have very good credit. 
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