Thinking about a debt consolidation loan? First you need to know what a debt management plan is.

In a debt management plan, you deposit money each month with the credit counseling organization, which uses your deposits to pay your unsecured debts, like your credit card bills, student loans, and medical bills, according to a payment schedule the counselor develops with you and your creditors. Your creditors may agree to lower your interest rates or waive certain fees, but check with all your creditors to be sure they offer the concessions that a credit counseling organization describes to you. A successful DMP requires you to make regular, timely payments, and could take 48 months or more to complete. Ask the credit counselor to estimate how long it will take for you to complete the plan. You may have to agree not to apply for Ñ or use Ñ any additional credit while you're participating in the plan.

The best advice is to compare different loan programs to find the one that's best for you. Keep an eye on the fees. Take notes, and compare, compare and compare again. Then you'll make a smart decision.