While debt consolidation loans can be extremely beneficial in helping you to become debt free, there are a few drawbacks you should consider before using this type of loan. One issue you may run across is finding decent, fair interest rates. If the interest rate on the consolidation loan isn’t any lower than the debt you are already paying it’s not going to be much help. Another drawback is that it may take you a lot longer than you hoped to pay off the debt. It’s important to make sure you think on these things and weigh out all your options before deciding to take action with a debt consolidation loan.