Like most of us, you probably have at least a dozen different bills to pay off at the end of each month. There´s the mortgage, the car loan, several credit cards bills and maybe even a personal loan.

If you are having trouble keeping up with these payments at the end of every month, than the though of debt consolidation has surely crossed your mind. A debt consolidation loan is one single large loan that you take out to pay off all your other loans.

If you are thinking about going down this route, here are some loan consolidation tips.

Here are the most important debt consolidation tips I picked from lots of reading on the subject:

• Do a check on the lender - The first thing you want to do is check the reputation of the lenders you are thinking of working with. The Better Business Bureau and other organizations are always good places to check the reputation of your lender. You want to make sure you are not getting into one of those debt consolidation scams we seem to be hearing so much about. You might also want to try something as simple as running a Google search on the company.
  
• Work with several lenders - Search the net for different debt consolidation lenders and submit and get quotes from several of these. You might also work with a debt consolidation service that typically deals with many different lenders.
  
• Comparison Shop - So many times will we drive around town looking for the best deal on a flat screen, yet when it comes to something as important as a debt consolidation loan,  we will accept the first offer that comes our way without doing any comparison shopping. Make sure you get estimates from at least 3 or 4 different debt consolidation services and compare rates, fees, terms and the total amount you will have paid when its all over.
• Opt for a secured consolidated loan - This will insure that you get the lowest rate possible and the longest repayment term. Remember that these types of loans will use your home as collateral, and you risk losing your home if you should default.
• Read the fine print - Make sure you read all the fine print on the contract before signing anything. Are there repayment penalties? What are the fees if you should make a late payment? Consider have a lawyer review the contract for you.
• Borrow against hidden assets - One thing you can do before taking out a debt consolidation loan is to consider borrowing against certain hidden assets you might have. One such option is to borrow against a 401K or another type of retirement savings. You might also consider borrowing against your life insurance policy. These are great short term solutions (a few years) with very low interest rates and fees.
• Credit card balance transfer offers - If you think that your trouble making monthly payments might be a short term situation, consider taking advantage of those 0% interest credit card balance transfer offers you get in the mail. Transfer your highest interest rate credit card balance to one of these cards and you will save a bundle on interest.
• Save money - Regardless if you opt for a debt consolidation loan or not, be prepared to change your spending habits. You should consider cutting down on unnecessary expenses, set yourself a budget and follow it.
  

Along with following the debt consolidation tips I outlined, make sure that you do your homework and explore all your option before taking any action. You might also want to talk to a financial adviser or accountant.

If you would like more information I also suggest the following related reading:

• Tips to avoid bankruptcy
• Pros and cons of debt consolidation
• Debt settlement vs debt consolidation
• Foreclosure prevention services