Debt consolidation is the option that a person should consider to get rid of the burden of unsecured debts. In this method, a person is able to get the chance of transferring all his loans into one single debt via transfer balance at the same time the facility of decline in interest rate is given to person. Major drawback of this method is that it is very time taking and it almost takes 3 to 4 years to completely come out from the pool of debts and in between that a person is not liable to miss any of the regular installments.