Is A Debt Consolidation Loan Your Best Option? Word Count: 335 Summary: Too much debt can be a major cause of stress and anxiety. If you're struggling to make the minimum payments on all your bills, a debt consolidation loan may be a good option but there are some things to take into consideration first. A debt consolidation loan is basically a loan for the total amount of all your outstanding debt - car loans, credit cards, department store credit, etc. This money is used to repay all the high-interest debts and then you only have to make a s... Keywords: credit card debt, credit card bill, debt consolidation, credit card loans, credit card help Article Body: Too much debt can be a major cause of stress and anxiety. If you're struggling to make the minimum payments on all your bills, a debt consolidation loan may be a good option but there are some things to take into consideration first. A debt consolidation loan is basically a loan for the total amount of all your outstanding debt - car loans, credit cards, department store credit, etc. This money is used to repay all the high-interest debts and then you only have to make a single payment, usually at a much lower rate of interest. Before you decide to pursue a consolidation loan, there are some alternatives that can help with your debt. 1. Ask For A Lower Interest Rate Credit cards tend to have the highest interest rates of most debt, but quite often it is as simple as calling and asking them for a lower rate. There are plenty of competing credit card companies just itching for your business and if you call the one you already deal with and ask them to match someone else's rate, 9 times out of 10 they will do so. 2. Learn How To Manage Debt More Effectively Rather than getting a loan to consolidate your debt, you might simply need to learn how to effectively manage the debt. There is plenty of information available for free on the internet, and most cities have non-profit organizations that will help you with debt management. 3. Bank Loans If the bulk of your debt is on high-interest credit cards, you may be able to consolidate those with a loan from your bank. Rather than putting all your debt into a single loan, you might be able to simply consolidate your credit cards into a single, lower interest loan from your bank. Debt consolidation can save you considerable money on interest, not to mention ease the stress of having to find the money to make all those payments every month. If you're dealing with large debts, this may be the answer you're looking for.