Obtain your personal and business credit reports to evaluate your debt consolidation terms

Credit reports on both your personal and business credit histories will impact what interest rates and debt consolidation programs you will qualify for today. Business debt consolidation programs may look both at your credit and your business' credit, or they may look at only one of these credit reports.

I recommend: Use the Federal annual credit report program to request your free annual credit reports from TransUnion, Equifax and Experian. Debt consolidation companies use these reports to determine your credit worthiness and risk rate. Check D&B for your business credit reports.

Request quotes from debt consolidators and debt consolidation companies

When you request a quote from a debt consolidator, you will also generally receive debt consolidation information about several debt consolidation solutions. You will need to look at interest rates, fees, loan terms and restrictions for possible uses of the funds generated.

I recommend: Access quote tools for small business debt relief and small business debt consolidation at Debt Consolidation Connection, Lending Tree, Business Capital or Commerical Debt Counseling Corp.

Determine if business debt consolidation is your best option

Business debt consolidation is not the only option you have. Changing your payment strategy for credit cards and other debt products can also impact the amount of debt you carry. Select the option that will allow you to meet your financial goals by identified deadlines.

I recommend: CNN Money's Debt Reduction Calculator and Dinkytown's Debt Consolidation Calculator.