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Are you considering a debt consolidation loan? You may want to think that decision over carefully and conduct a lot of research before you make that choice.

It appears to be an easy way out at first, with combining several payments a month into one larger monthly payment. But that could lead to more trouble in the long run. While this may be a quick fix for your immediate financial situation it may not be a cure for your long term finances.

Debt consolidation loans and home equity loans should be the last considerations before bankruptcy in many cases.

There are several types of debt consolidation loans: Home equity loans, zero percent credit cards and consolidated loans.

Home equity loans use your home as collateral. If you default on those loans you risk losing your house. Many people want to get out of debt quickly and home equity loans seem to be the answer. In the long term you could be doubling your debt if some unforeseen event happens, like losing your job. You"re then stuck with the same debt or more plus your home is on the line and you risk losing it as well.

Zero percent credit cards can be tricky business. You have to be extremely disciplined to use this method because you are essentially getting more credit cards. But if you transfer the balances from high interest cards to one with zero percent interest you should put the old card in a lock box or cut it up. You must pay double or triple the minimum monthly payment during the introductory zero percent periods. This is the only way the system will work.

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