Debt consolidation 3 helpful tips starts now. Today debt consolidation help comes in many different plans, and you may find that you have so many debt consolidation plans to consider that you have no idea which one will be the best for you. The debt consolidation industry can be a confusing and hard to understand arena for those who have little or no experience or knowledge of loans and lending. You may want to turn to a financial advisor for help in fixing your personal finances. But if you've decided that you want to consolidate your debts and are actively looking for debt consolidation help, here are three helpful tips to keep in mind:

1) Be careful of consolidation loans that have lower payments but higher interest rates than you're currently paying. Some companies providing loans for debt consolidation help you by lowering your monthly payments, but charge you a higher overall interest rate than your existing loans or credit cards, and then extend your payments over a long period of time. When all is said and done, if you add up the total payments over the term of the loan you will end up paying almost twice as much than if you found another way to pay it down.

3) Be careful when transferring credit card balances. Today most credit card companies offer debt consolidation help with a credit card balance transfer option. What happens in this case is the card company gives you a lower rate if you transfer balances from other higher-rate credit cards to your new credit card account with them. While the rate may be initially lower, you should find out if that low APR is only a short-term rate designed to entice you to move your money. In some cases those initial rates expire just a few months down the line and then later rise without warning.

3) Look for a secured loan. If you need debt consolidation help you may find that your best friend is your home. A home equity loan provides an attractive alternative to unsecured, high-rate loans that stretch out your payments over years but, in the end, cost you more money. Home equity loans almost always offer lower interest rates than other types of loans that are granted with no collateral, because the lender is accepting much less risk. By the way, when it comes to equity, don't forget about your car. If you have a later model vehicle that has a low pay off loan balance or is paid for completely, you may consider asking for debt consolidation help with auto refinancing. In most cases, a loan secured by a vehicle will also have a lower rate than other types of unsecured loans.

Debt consolidation 3 helpful tips are available in today's financial world, but before you jump in, remember to be very careful how you go about it. You should beware long-term high rate consolidation loans, be wary when approached with an offer for low-rate credit card balance transfers, and consider the possibility of using equity in your home or vehicle or other valuable assets.