Thursday’s need-to-know money news

Today’s top story: 5 steps to consolidate your debt with a personal loan. Also in the news: 5 myths about debt consolidation, collection costs on defaulted student loans, and the pitfalls of promotional APR credit cards.

5 Steps to Consolidate Your Debt With a Personal Loan
A to-do list.

Forget These 5 Myths You’ve Heard About Debt Consolidation
Separating truth from fiction.

How Much Are Collection Costs on Defaulted Student Loans?
Your balance could increase by 40%.

Think Long and Hard Before Using a Promotional APR
The small print could get you.