Debt consolidation loans are available to those who don’t own a home. By using a personal loan or new credit card, you can reduce your interest payments, making it easier to pay off your loans. Low rates are just a matter of shopping around.Personal Loans Offer Reasonable RatesPersonal loans offer reasonable rates, even if you don’t have collateral. Even with rates two points or higher than home equity loans, you can still save hundreds a year in interest charges.Personal loans are also quick to qualify for. Applying online, you can be approved for $10,000 or less the same day. In some cases, you can also receive your money that day. Qualifications are based on your credit score and income history, not ownership of property.Credit Card Transfers Can Offer A ReprieveTransferring your high interest credit cards to a lower interest one will save on interest costs. Some financing companies offer 0% on transfers for a limited period, usually six months or longer.Before opening a new account, check to see that you can transfer balances from your current cards to the new one. If both new and old accounts are with the same financing company, your creditor may not allow a transfer. Also, read on jumps in interest rates after the introductory period.Getting Better RatesInterest rates can vary as much as 10 points on personal loans and the same with credit cards. Comparing financing offers will ensure that you get the best deal on consolidation your loans, enabling you to save even more money.The quickest way to research rates is to look online. Individual lenders will post their rates. Sometimes you will have to search the site, but often rates are on their homepage.For personal loans, you can also work with a broker site. They will provide you with quotes from several different companies.To get the most out of your debt consolidation loan, pay off your loans as soon as you receive the money. Then close accounts to keep out of debt and improve your credit score. Finally, focus on paying off your debt consolidation loan by making extra payments. Not only will you save on interest charges, but you will be out of debt sooner.