Debt consolidation is combining several loans into one new loan, often with a lower interest rate. Mortgages and car loans are secured loans, as they are both backed or secured by collateral. In these cases, the collateral is the asset for which the loan is taken out, so the collateral for a mortgage is the home, while the vehicle secures a car loan. Borrowers may be required to put up other forms of collateral for other types of secured loans if required. If you’re looking to take out a loan to pay for personal expenses, then a personal loan calculator…