Consolidating
Consolidation is a great way to convert many small, hard to manage debts into one single debt, usually with a significantly lower interest rate. Even if the rate reduction of a consolidated loan isn't much lower than the loans or debts it replaced, it can sometimes be very bennificial to have to only make one payment a month to one company.
Note for student loans: A change in the law that will occur on July 1st, 2006 will significantly
increase variable interest rates on student loans. Consolidating those loans to one fixed rate loan may
literally save thousands of dollars. More Information
Although people were always encouraged to consolidate student loans, now really is the time actually do it. Consolidations
may take a little while to process, so the consolidation process should be started as soon as possible.