Debt consolidation is the practice of consolidating multiple bills and payments into a single payment usually through some form of debt management, credit card consolidation, loan or debt settlement program. Here, we will briefly discuss loans and using a credit card for consolidation. To learn more about related services and compare providers, visit one of the following directories on this web site:

• Credit Counseling - Review and compare web sites of non-profit credit counseling companies from the Open Directory Project (ODP).
• Personal Loan - Need a smaller loan? Personal loan financing is most often unsecured. Meaning... your home or personal property is not used as collateral and the loan decision will typically be based upon your credit history and your ability to make the necessary payments. Also, this is often referred to as a signature loan.
• Debt Management Programs - Do you have too many monthly bills and payments to manage them effectively? Visit this directory of sites in order to review and compare different debt management programs that may be able to help.
• Debt Settlement Companies - If you have too many credit cards and other small debts and are unable to make your payments, this form of debt negotiation may be right for you.

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In the form of a loan consolidation, this generally results in a longer repayment term and thus a lower required monthly payment. Interest rates in consolidation loans can vary based upon a number of factors, including your credit history. Also important is if the debt the type of debt is being changed by the consolidation. For example, unsecured debt (credit cards and personal loans) being consolidated into secured debt, such as home equity and auto loans would generally (but not always) result in a reduction in interest rate. When consolidations include a mortgage, they are frequently included in the refinancing of a first mortgage or the establishment of a second mortgage or home equity loan to allow a consumer, such as yourself, to take advantage of the available equity in your home. Even though the you may not actually receive any of the loan proceeds, this is commonly referred to a cash-out loan, because you are paying off debt in addition to the principal balance of your existing mortgage.

In the case of credit card debt consolidation or balance transfer offers, they are often accompanied by some sort of promotional offer with a lower interest rate for a shorter period of time (6 months to a year... "teaser rate"). However, credit card issuing banks offering lower interest rates on balance transfers / debt consolidations that last for the “life of the balance” are becoming increasingly more common.

One additional advantage of  debt consolidation is the your ability to consolidate smaller payments to many creditors to a single payment to one creditor in order to make your personal finances easier to manage. Having multiple credit cards with high balances and different due dates can simply become overwhelming and very discouraging. Consolidating your debts can help you get get a handle on the situation and ultimately get you back on track to a secure financial future. Notice that it is mentioned that it can help you.....

TIP / WARNING: Consolidating your debt will do absolutely no good if you think the resulting lower payments are a license to go out and shop. You will only make your financial situation worse. If you do decide to consolidate your bills, use your new found breathing room to create a safety net for yourself. Open a savings account at your local bank (Find a local bank in our banking directory) and place money in it each week. When an emergency comes up, or you feel that impulse buy coming on, keep the credit card in your wallet. Use the money you have already saved! As much as we like you to use the different debt solution companies on our web site, we would prefer that you only use them once. Instead, come back to the Debt Consolidation Loan Directory to shop for other financial services and save even more money.

Looking for debt solutions,  credit card bill consolidation loans or credit counseling in a particular state?
Browse the Debt Consolidation Loan Directory by state

Make proper choices when shopping for debt consolidation loans, debt relief and other personal finance products.
Take the time to read up and inform yourself.

• Watching Interest Rates for Debt Consolidation - Keep an eye on available interest rates and consolidate higher rate credit card balances into a consolidation loan or do a balance transfer to a lower interest card.
• Do You Know the Warning Signs of Too Much Debt? - You should take control of your personal spending as soon as you see any of these warning signs that your bills are getting out of control. Avoiding to do so could lead to a bankruptcy, which is NOT a cure for your financial or credit problems.
• Focus on the long-term cost of the loan... - not just the new monthly payment. You may get lower monthly payments with you consolidate bills, but what are the long term interest costs?
• Don't Have Too Many Credit Cards! - The FDIC advises that there are good reasons to have at least two credit cards, but some people collect a stack of them; including store and gas cards, several of which they rarely use.

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