The last resort to any person would be bankruptcy. There is another way out, when the question of debt issue arises then unsecured debt consolidation loans are much less damaging than bankruptcy. The thing that you need to keep in mind is that you fully understand what it is and what the alternative debt consolidation options available are. As the name implies unsecured debt consolidation loans are not backed by any security. As there is no security attached to the loan, except for you such loans are a risky affair to the bank. The banks charge a higher rate of interest for such loans. These loans are difficult to get but I think they are a better option than bankruptcy. As the interest rates are high you should first calculate the total amount of interest you would be paying over the period, the day you take the loan and make the complete repayment, if you find the interest amount too high then look for another option.
Source: http://www.instafinance.org/entry/unsecured-debt-consolidation-save-bankruptcy/
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