It may sound like the easiest solution to your family's debt problem: Get a debt consolidation loan. Rolling everything you owe into one big loan will give you one monthly payment that could be lower than all the smaller payments you've been making.

While you might be able to save money by consolidating your debts and lowering loan payments, we don't generally like this approach unless you have no other viable options for paying bills.

If you consolidate your debt into a home equity loan or home equity line of credit, you may be able to write off the interest on your income taxes. That could present a positive reason to consider it -- but you'll want to try not to pay more interest in the long run by extending your term. Plus, if you sign onto a variable rate, you risk a rate increase down the road. You'll also need to resist the temptation to rack up additional debt with your new loan.

The problem with home equity loans and home equity lines is if you can't make your payments, the lender can take your house. Meanwhile, if you're already debt-ridden and you're not careful, having yet another loan to tap could add to your debt. These loans often come with hidden fees and wrinkles, including upfront, annual, and/or termination fees.

Lately, many lenders have resisted approving home equity loans and credit lines anyway due to declining home values. In addition, the housing crisis has led lenders to freeze credit lines and lower credit limits to creditworthy customers -- often when people need them most.

Besides getting a home equity loan or home equity line, you might find a lower-rate credit card. If you qualify, you might be able to roll the high-rate debt to a lower-rate card. The drawbacks: Unlike home equity loans and lines, credit card loan interest isn't tax-deductible. Many credit cards charge variable interest rates. So if interest rates rise, your low-rate credit card soon could become high-rate. Shifting balances from one credit card to another could cause a dip in your credit score. Plus, many of the low-rate offers are teaser rates, riddled with other wrinkles and fees. So it's very easy to miss something in these deals that could derail your efforts.

Yet another option may be an unsecured debt consolidation loan. But be careful. Make sure the numbers add up. What are the fees and total amount of interest you will pay on the loan? It may be an attractive deal if you are saving money, or it prevents you from going bankrupt or losing your home.

If you're considering consolidating your debt, shop carefully. Check out credit unions, savings institutions and community banks, which may have better deals.

There are a number of loan consolidation calculators online at Web sites such as www.dinkytown.net. This makes it easy to evaluate loan consolidation offers. Deal only with a reputable lender.

Regardless of whether you decide to consolidate your debt, talk with lenders about lowering mortgage and credit card rates. Lower rates don't affect your credit score.

In addition, Uncle Sam has made money available to lenders to help people with their mortgages. You may be able to get a lower rate, extend the term of your loan and make lower monthly payments. You may even get part of your loan forgiven. Rejected in this effort already? Try in a couple of months when credit is more apt to loosen up.