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Speaking of budgets, you should also have a strategy for covering your expenses without resorting to credit cards or high-interest loans.A lower-interest loan may help you pay off your credit cards, but if you rack up that credit card debt again, you'll be back where you started—and with an extra loan to worry about. Use it wisely and you could save thousands in interest and years of stress. Follow these 6 debt consolidating steps or drop by your local branch to talk to a personal banking specialist.Theoretically, debt consolidation is any use of one form of financing to pay off other debts.However, there are specific instruments called debt consolidation loans, offered by creditors as part of a payment plan to borrowers who have difficulty in managing the number or size of their outstanding debts.Debt consolidation loan interest payments are often tax-deductible when home equity is involved.A consolidation loan may also be kind to your credit score down the road.Debt settlement aims to reduce your obligations rather than just reducing the number of creditors.You usually work with a debt-relief organization or credit-counseling service.

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If your consolidation loan is secured with an asset, however, you may qualify for a tax deduction.

Creditors are willing to do this for several reasons, including that it maximizes the likelihood of collecting from a debtor.

These loans usually are offered by financial institutions, such as banks and credit unions, but there also are specialized debt-consolidation service companies.

If you're like most Albertans, you're probably borrowing from a few different companies—like a credit card company (or two), car loan provider, and bank.

These lenders are likely charging you different interest rates, and depending on your type of debt, these rates can be well into the double digits.

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