 TITLE: Is a Personal Loan the Same as a Consolidation Loan? CONTENT: Alternatives to a Debt Consolidation Loan\n-----------------------------------------\nDebt consolidation loans aren't the only way to manage your debts. Here are two other options to consider:\n*   **Balance transfer credit cards**: While the interest rates on personal loans can be considerably lower than those on credit cards, the introductory rates on many new credit cards is even lower: 0%. Transferring the balances from other cards to a new card with a 0% interest rate can save you money, but be careful: You're typically charged a fee on each transfer that is a percentage of the transfer amount (usually about 3%). Also, those low intro rates are typically good for 21 months or less, after which any unpaid portion of the transfer amount is subject to the card's standard interest rate. Do the math to confirm that the transfer fee will cost you less than you'd pay in interest on the original charge. If so, and if you can pay off the transferred amount in full before the intro rate expires, you could save some money and boost your overall spending limit as well.\n*   **Debt management**: Debt consolidation is a good strategy for organizing and reducing the costs of credit card bills and other personal debt, but it may not be enough if your debt is out of control. If you're feeling overwhelmed by your bills and have missed or are about to miss bill payments, it's worth seeking help. Credit counseling can help you get a handle on your finances and explore your options for getting debt under control, and a debt settlement program can help you negotiate with your creditors to lower your monthly expenses and eventually get you out of debt. These programs can have negative consequences for your credit scores, but they can also ease your stress and put you in a good position to rebuild your credit.\nThe flexibility and versatility of personal loans make them useful for a host of potential purposes, and one of the best ways you can use them is as a debt consolidation tool to reduce the hassle and high cost of managing multiple credit card bills and other high interest debt. END