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Most debt consolidation involves credit card balances or student loans, although it can also work for other types of debt.Mortgage lenders often provide consolidation loans that use your home as collateral for your debt.The most important thing is that you reduce your total debt.So it’s only wise to get a debt consolidation loan if it will help you achieve that goal.This evaluation is based on an individual's history of borrowing money and repaying debts.A person's income and availability of assets also affects the credit rating or score he or she receives.

Unlike many debt management and credit counseling companies, they don’t charge extra (or hidden) fees.

Another option is to use a credit card balance transfer offer to consolidate all your debt onto one credit card.

A balance transfer can be very good or very bad, depending on whether you can quickly pay off your debt.

For example, if you have three credit cards with interest rates of 12%, 18%, and 25%, you might be able to consolidate those three accounts into one loan with an interest rate of 10-15% – which would save you money.

Likewise, a debt consolidation loan can also lower your minimum payment, which is especially helpful for people who are having trouble making that payment every month.