Make sure you understand exactly when the low-rate on your balance transfer will end.

Also, because you have debt, you might not be able to get the best interest rates that these companies offer.

Before taking out one of these loans, add up all of your current payments.

Many zero-percent or low-interest balance transfers are subject to a fee (sometimes called a “balance transfer fee”) The fee is usually a certain percentage of the amount you transfer.

In addition, if you use the same credit card to make purchases after you take advantage of the balance transfer offer, you will be charged additional interest on those purchases.

Make sure you understand how much you can afford before you take out a home equity loan.

Just because a bank may offer you a certain loan amount doesn’t mean you should take the whole amount they offer.

However, if you consolidate your debts and then incur new debts on top of the consolidation loan, you may end up farther in debt than before.

Many of the low interest rates for debt consolidation loans may be “teaser rates” that only last for a certain period of time.

This will allow you to make one payment and sometimes will result in lower payments.