Debt consolidation may be a good idea if you find yourself in any of the following situations:

• You’re tired of making several different debt payments each month and would like to combine them into one payment.

1. Your existing debts have varying interest rates and you’d like to lock in one rate for everything.

• You want to reduce the amount of your monthly budget that goes toward debt repayment.

1. You’re looking for an easier way to pay off existing debt and become debt free.

Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.