Before reaching out to a debt consolidation company, take some time to go through the following debt consolidation checklist: Figure out your total credit card debt: that’s all of your balances added together Calculate the average interest rate you are currently paying for your debt. Try to find a debt consolidator who will offer you an interest rate that is at least 3 to 5 percent lower. Add up how much credit card interest you paid last month. Add up the total of your current minimum payments. If you can’t afford your current minimums, and a debt consolidator gives you an estimated consolidated monthly payment that is equal to or greater than your current minimums, you can’t afford that either.