Consolidating multiple debts means you’ll have a single monthly payment, but it may not reduce or pay your debt off sooner.

The payment reduction may come from a lower interest rate, a longer loan term, or a combination of both.

The last, but most important steps, in selecting a reputable debt consolidation company are reviewing your interview notes and narrowing down the list. To do this, contact the Better Business Bureau or your state's Attorney General's office to check on whether any complaints have been filed against each debt consolidation company.

First, gauge your reactions to the information each company provided. If you were uncomfortable, cross off those agencies from your list. If there were complaints, find out how quickly the company responded and whether the complaints were resolved appropriately.

To qualify for a customer relationship discount, you must have a qualifying Wells Fargo consumer checking account and make automatic payments from a Wells Fargo deposit account.

To learn which accounts qualify for the discount, please consult with a Wells Fargo banker or consult our FAQs.

After all, you're hiring the agency to help you, so you need to know whether it's committed to doing a great job for you.

Remember to check with your friends or relatives for recommendations.

How did you feel during your conversations with them? Armed with this information, you can now select the best debt management solutions provider.

Estimate your rate and payment, or apply online and get your funds often by the next business day, if approved.

Debt consolidation is especially effective on high-interest debt such as credit cards.

It should reduce your monthly payment by lowering the interest rate on your bills, making it easier to pay off the debt.

By extending the loan term you may pay more in interest over the life of the loan.