1. Monitor and Fix Your Spending Habits.
You start spending for a thrill, soon it becomes a habit. Spending is by nature very addictive. You must realize that spending money carelessly is the one of the major reasons of debt related troubles. Half of the problem is solved if you can put a check on your spending and control your spending habit.
2. Determine True and Total Cost of Your Debt Consolidation Loan.
Everyone, who is trying to sell you a debt consolidation loan, pitches low interest rate and low monthly payment as major benefits of a debt consolidation loan. Although having a lower interest rate provides you with an edge but It should not be the only factor to consider when you borrow money. 
The decision to take a loan should involve a careful analysis of following parameters.
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Amount of loan
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Length of payback period
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Processing Fees
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Late payment fees
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documentation charges
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pre-payment penalty
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interest rate
All of these factors help you determine true and total cost of debt consolidation loan.
3. Debt Consolidation is not suitable for every situation.
Once size does not fit all when it comes to selecting tools for debt relief. There is no universal solution for debt management. Debt consolidation, like all good things in life, is not right for every one having debt related trouble. You should do your own research. Talk to friends, family and co-workers about their experiences. Relying solely on advice of your debt consolidation consoler is very dangerous as they have their own vested interest involved.
4. Each debt is different and some might not need consolidation.
Treat each of your debt differently. Evaluate it on its own merits. Read the terms and conditions for your debt carefully. Especially read the fine print. Calculate APR and total cost of loan using a loan amortization calculator. Sometimes your existing unsecured debt is cheaper than the debt consolidation loan being offered to you. In that case, you should avoid consolidating that loan.
5. Missing a payment or Making a late payment is a big sin.
If Debt Consolidation is financial salvation as it gives you a new life. Then missing a payment or being late in your payments is the biggest sin you can commit in religion of personal finance. Keep in mind the reasons for which you are going for debt consolidation. Improving your credit worthiness and finding more fiscal space. Missing or late payment is like killing the whole purpose of getting debt consolidation.
6. Always pay more than the minimum due amount.
Whenever you have some extra cash, try to pay more than the due amount on your debt consolidation loan. (Note: follow this tip only if you don’t have a pre-penalty clause) All payments made in excess of minimum due amount reduces your principle debt burden. This way, your debt will be relieved faster.
7. Try to Avoid Major Purchases on Credit.
Using credit is convenient, but it can easily get you in trouble. Try to save money for major purchases in life including house, car, big TV etc. Avoid credit as much as possible. Habit for saving for major purchases will let you really think over the kind of things you can afford.
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Yes i absolutely agree with lana . Me too hunting this all over. Nice work .I think this is a whole package of debt consolidation.
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