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For debtors who are also homeowners this question often arises when considering the option of debt settlement.  For most this would be a very unwise move to make.  The only advantage to doing it is to get the debt settlement process finished quicker.  The one major disadvantage is now you will have to pay on an extra secured payment every month for upto possibly thirty years.  And to add insult to injury statistics show the majority of people who obtain debt consolidation loans just end up back in credit card debt all over again.  Now this time around however the extra secured payment must take priority, unless there has been a significant increase in income this will be a very bad financial situation leading to bankruptcy and maybe even foreclosure.