Numerous debts with high interest rates can send your fears soaring and your budget plummeting. But there are options for those who know how to take advantage of them, including consolidating debts, leaving you with one payment, often at a lower interest rate. There are several options for consolidating debts, but they all have consequences to consider. You could take out a low-interest loan to pay off high interest debts, but if can't get an unsecured loan, you may have to take out a second mortgage, putting your house in possible jeopardy. Others choose to take advantage of an introductory low or zero interest rate credit card and transfer high-rate balances. However, if when introductory period ends the rate will increase. Finally, you may choose to employ a debt consolidation or credit counseling service to negotiate with creditors for lower interest rates and then manage your payments. In this case, if you choose an irresponsible service, they may not make your payments on time or at all, and your credit may be damaged further. If you have serious debt problems, you may want to consult an attorney to help you determine your best option.