In light of current economic conditions, saving money wherever possible is very important. Debt consolidation is one way to lower your monthly payments, interest rates, and keep more of your money at the end of the month. The primary way to consolidate debt is to open a new line of credit, ideally with a significantly lower interest rate, and pay off your higher interest debts with that line. A consolidation line of credit at 10% could save you thousands of dollars per year in interest payments if you carry credit card debt at 20-25%. You could use that savings to pay down your debt faster or save for retirement or a child’s college education.

Bills.com’s debt help page is filled with advice for people looking to simplify their finances and save money. They offer debt consolidation advice, services, personal testimonials and more. There are also tips for people who are faced with bankruptcy or other financial calamity.

Some of the best advice offered on the debt help page is to pay high interest rate debts first, contact your creditors to reduce interest rates on your accounts and start and keep a budget. These tips seem like common sense, but many people have yet to follow through on these basic tenets of personal financial management. Best of all, the tips and advice are provided free of charge.