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With just a few exceptions, you get only one chance to consolidate with the government loan programs.

WARNING: It is very dangerous to consolidate federal loans into a private consolidation loan.

Christine Luken tells individuals "…to stop using your credit cards in order to get them under control and make progress in paying them off.

Switch to payment methods like cash, debit cards and Pay Pal." Kelsa Dickey advises her clients against taking "everything out of your checking account" to pay off credit card debt.

Although all of these different loans may be consolidated, you must have at least one outstanding FFEL or Direct Loan to obtain a Direct Consolidation Loan.

This means, for example, that a Perkins Loan on its own cannot be consolidated into a Direct Loan.

Consolidating federal student loans may be a good strategy to lower monthly payments or to get out of default, but it is not always a good idea.

Direct consolidation loans are now the only type of federal student consolidation loan.

"If they choose to keep a credit card after their debt is paid off, I would recommend that they only have one, with a small limit.

The other option would be a secured credit card.' With these options, she says, "if they get in a financial bind, the bank can cash out the savings account that is securing the card and pay it off in full."It's also useful to have psychological reinforcement that mitigates against a backslide into debt.

If a person takes that action and then has to make a large purchase a short time later (say an emergency car repair), he or she then feels like a failure.

It is best to "plan ahead and be realistic."Debt consolidation programs advertise that they help people address their debts.

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