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So instead of having to send a separate payment to each creditor or collector every month, you’d make just one.This can help eliminate missed or late payments and ensure that you’re addressing all your debts.“It really depends on the person and the type of debt,” Germano said.“A debt consolidation loan can help you manage your payments easier and less stressfully.Enter your current debts into our loan calculator to start creating a plan to eliminate your debt.While consolidating debt certainly has merits, it is not the right choice for every individual.That makes sense for a lot of people.” She added: “But some people would rather tackle a debt management plan themselves.

Determining which method will benefit you the most will involve some homework and some calculations … Debt consolidation can take many forms, including a personal loan, a balance-transfer credit card, a home equity line of credit (HELOC) and a debt management plan, among others.

There are also a variety of private lenders that will allow you to consolidate either private or federal student loans.

By using debt consolidation loans, you can save considerably — sometimes up to 40 percent of the total debt.

Some people even open a new card with a 0 percent APR for a promotional introductory period (many of these run the gamut from six to 24 months) and transfer other balances over to that card.

This can be a viable solution if you think paying the card off within that promo time frame is doable.

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