Debt consolidation may be an option going into 2010

As consumers head into the new year, some may be thinking about ways to better their personal finances, which could include considering debt consolidation.

Recently, Wells Fargo produced a number of financial tips for consumers who are looking toward setting some resolutions for 2010. One of those suggested by the firm includes considering debt consolidation, which may help consumers by taking loans with higher interest and giving them a lower rate.

Another tip put forward by the company is the idea of saving money. One way consumers may do this is by setting up automatic transfers from their checking account into a savings account.

“Regardless of your age, it’s always a good time to save,” a report from Wells Fargo noted.

A recent survey from financial service firm Edward Jones shows that a number of people are already trying to focus on saving money during the coming year. Of those polled, 33 percent said that increasing their savings was the biggest priority on their financial list, which made it the top response.