If you’re still unsure if it’s the right idea for you, stop in at a branch location to discuss further.

First, a quick recap: Debt consolidation allows a borrower to utilize a new lending option to pay off their existing debt.

This may include credit card debt, student loans, or auto loans.

Many of the debt consolidation companies that you'll find out there really aren't going to do much for you that you already can't do on your own – and they'll charge you an arm and a leg to do it.

Other debt consolidation companies are just plain scammers looking to take advantage of people when they're down.

You can use Annual Credit to get your credit report for free once a year.

If you know your payments are too large for you to handle or if you’ve missed payments, your credit score might have dropped.But the promotional rate will eventually expire, so be sure to verify what your APR will be after the promotional APR expires.Home Equity Line of Credit (HELOC) If you own your home, you could apply for a HELOC, which often have low interest rates.If you’ve already answered the question, “What is debt consolidation?” now it’s time to move on to when and if you should do it.Debt consolidation has a lot of advantages, but it isn’t always a good idea.