Often, a new credit card with a low interest rate can be useful for consolidating

If your creditors are applying high interest rates to your accounts, a personal loan could be a good option. Try finding a personal loan with a good interest rate. A loan is a good debt consolidation strategy as long as the interest rate offered is lower than what creditors are charging you.

Often, a new credit card with a low interest rate can be useful for consolidating some debts by paying them off using the new, low interest credit card. You may be able to save money on interest charges this way. Once your debts are consolidated onto a low interest card, make sure you pay it all off before the interest rate changes to a much higher one.

A lot of debt consolidation specialists offer home equity loans but do not present these products as such. If you are using your home as a collateral for a loan, you are applying for a home equity loan. This is not a good option unless you are confident about paying this loan back on time.

Understand the company's rates and fees and know what type of rates are reasonable. A set-up fee in excess of a $100 should be cause for concern, for example. Similarly, a monthly fee higher than $50 is unreasonable. Call around to several different companies before settling on any one in particular.