Debt consolidation is a popular way for many Americans to escape debt, but before you decide this is the best option for your situation, you should understand debt consolidation loan rates and many of the other factors that go along with these loans. Consolidation rates, loans assistance, and debt management all depends on your creditors, your current income, and the company you use for consolidation. Many debt management firms offer low rates loans for consolidation because they understand their clients are facing financial hard times. However, many others seek to take advantage of this situation.To avoid companies that only want to take advantage of your situation, you should understand what rates are normal for your current loans debt, credit score, and financial situation. Obviously if your credit score is less than stellar, you are going to have higher interest rates on your repayment loan. Debt consolidation loans sometimes carry a high interest rate, but this rate is often lower than several other loans with their rates combined.Education loans, payday loans, business debt, loans debt, mortgages, and car notes are all debts that can be consolidated under one roof so you only have to make one payment. Unsecured consolidation is the most commonly chosen option for repayment, since it does not require any collateral such as your house or car. This option is best for non-homeowners and those who are afraid of risking their home, however you should be aware that interest rates are much higher when the consolidation is unsecured.Bill consolidation, debt relief, and credit counseling are a few services that many debt consolidation companies offer. Typically, the better management services will tack on a fee for a specialized credit counselor who is able to assist you with your current situation and offer advice as to the steps you should take to get out of debt. These credit counselors are trained professionals and taking their advice is often recommended, since they are there to help you.Overall, the amount you pay in interest rates and fees should not be exorbitant. Any company that offers consolidation for a 30% chunk of monthly payments is not a company that is designed to help you escape debt, but a company that is seeking to profit from your current financial situation. You must be wary of these terms and do your research so you can find a company that offers debt consolidation loan rates that are within your means to repay.