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Cheap rates consolidating loans

— and what the monthly payment and interest rates are on those bills. Once you have this information, make sure to compare lender’s rates, fees and length of time making payments before making a decision.A consolidation loan should reduce your interest rate, lower your monthly payment, and give you a practical way to eliminate debt.

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Banks and credit unions are good places to ask about consolidation loans, but online lending sites may be a better place to borrow. Start by listing each of the debts you intend to consolidate — credit card, phone, medical bills, utilities, etc.The best way to consolidate a large amount of credit card debt (anything over $3,000) without taking on a new loan, is to enroll in a Debt Management Plan.Most financial experts agree that a Debt Management Plan (DMP) is the preferred method of debt consolidation.With bill consolidation, you make only one monthly payment — a good idea for when you have five, or maybe even 10 separate payments for credit cards, utilities, phone service, etc.If you consolidate all bills into one, the single payment should be at a lower interest rate and reduced monthly payment.The best way to consolidate credit card debt under $3,000 could be to get a zero-percent interest credit card and transfer balances from high-interest credit cards over to it.

You also could look at a personal loan to pay off your balances.

This can allow you to set aside a portion of your income each month to pay down balances for each card, one at a time.

When you have paid off all the cards, choose one and be responsible with how you use it.

If you need help getting out of debt, you are not alone.

Although signs show an upturn in the economy, many Americans are deep in debt, and not everyone can work overtime or a second job to pay down that debt.

These are not quick fixes, but rather long-term financial strategies to help you get out of debt.