Consolidation

No, you can not include it into a debt consolidation program. Debt consolidation programs are tailored for unsecured debt, such as credit cards and personal loans. However, if your auto has been repossessed, sold in an auction and you receive a deficiency balance then you may be able to enroll that debt into a debt settlement program.

Consolidation, yes - you can, if you qualify. Consolidation is where you obtain a loan of sufficient value to pay off other debts, secured or unsecured. You then are repaying only 1 loan per month at 1 interest rate. If you're speaking of a debt management plan, then Paul is correct.

So OhioGal1, do you mean that a person can consolidate unsecured debts like credit cards along with secured debts like car loan. If your answer is 'Yes', then provide me the name of the company which does it. Because, I have not heard anything like this and your information will help me to consolidate my loans too.

I'm saying if you obtain a consolidation loan, you can use it to pay for whatever. Say you owe $10K on your car and $15K in credit card debt. If you're paying the minimum payments on all your cards at say...$600 monthly and you're paying the car payment of $300 monthly, you may obtain a loan (from a bank, credit union, etc.) for the $25K (if you qualify) and pay off everything with that money. You will then only be paying 1 monthly payment at 1 interest rate to the bank (or whomever) for say...$600 per month. You'll have more positive cash flow monthly. Consolidation is when you obtain a LOAN to pay off all your debt. I believe you're referring to a debt management company and, again, if that's the case then secured debt cannot be included.