Debt consolidation helps you deal with life when your bills pile up and you don’t know how to tackle them. Does this situation sound like your situation? Or perhaps it is someone you know in this situation?Get a copy of your credit report before you decide about debt consolidation journey. The beginning step in debt is knowing where it comes from. Know exactly how much you’re in debt and to whom you owe it to. You can only fix your problem if you don’t have all the facts.Mortgage rates have never been lower, and that means now would be a great time if you’d like to consolidate the debts you have this way. Your mortgage payment could also be much lower than it was before.Your credit report should be scoured before considering consolidation. You must know what got you into debt in order to fix your situation. Who do you owe? How much? You’re not going to be able to develop a solid plan in which you make different choices in the future if you don’t do all of this.Avoid choosing a lender that isn’t well known. There are many loan sharks looking to take advantage of you. If you’re looking into consolidating your debt, be sure you get a lender who has a good rep and be sure the interest rates go well with the creditors’ charges.When you consolidate debts, decide which debts should be consolidated and which should not. If you have a loan with no interest, then it wouldn’t make sense to switch it to one that has a higher rate of interest. Go through each loan you have with their particular creditors so that you can see if you are doing things right.Try to find a consumer counselor in your area. These offices can help you manage debt and combine all accounts into one. Using consumer credit counseling agencies won’t hurt your credit scores like going through other professionals who offer debt consolidation.Do you have life insurance? Cashing out your policy can help you eliminate some of your debt. Find out just how much money you will be able to receive against your policy. Sometimes, you can borrow part of what’s invested in the policy to help pay off debt.