In the 1990s and early 2000s, many consumers sought to reduce their interest payments on credit card accounts and other costly loans by taking out large lump-sum consolidation loans. Although this strategy makes financial sense in some situations, many Americans who opted for this approach quickly racked up more debt and failed to take full advantage of the differential in interest rates. Today, as the financial industry continues to recover from the economic crisis, many institutions have created stricter lending criteria, and as a result, some consumers are now finding it more difficult to procure debt reduction loans than it was in the past. However, if you do opt for this approach, financial experts advise that you be sure to close down your inactive credit accounts that you have paid off. That way, you can ensure that you will not reactivate them and pile on even more debt, thus worsening your overall financial situation.