Going for an unsecured loan to purchase an asset is usually considered a bad idea. This is because it involves a much higher level of interest rates as compared to a secured loan. But there are certain exceptional situations where it might be much wiser to go for an unsecured loan.
A secured loan is considered safe for the lender but it is necessarily not so for the borrower. In fact, as a borrower you put your assets at a huge risk with a secured loan. It is better to opt for unsecured loans than taking a credit card debt or payday loans as they carry an even higher interest rate.
These days, banks and financial institutions offer personal or consumer loans without any collateral needs and mostly at fixed rates of interest. Even if you have multiple debts, it is probably better to start over with a new unsecured loan than putting more assets at stake.