NEW YORK - The pitches make it seem so simple: One monthly bill! Cut your payments in half! Slash your interest rates!

When you’re drowning in red ink, debt consolidation can seem like an easy answer. Combining debts can be part of a path to solvency, but there are risks involved.

"There’s nothing that’s easy; there’s nothing that’s painless; there’s nothing that’s harmless," said Mike Sullivan, director of education at credit counseling group Take Charge America.

That means it’s important to investigate any claims a company makes, get everything in writing and read the fine print carefully before you sign anything, experts said.

Combining credit card debt onto one low interest rate card is one way to help cut monthly payments, but there are often extra costs to consider. Companies sometimes charge a fee to transfer your balance, and some of the best offers have teaser rates that surge after a set time. Hopping from card to card repeatedly can put a dent in your credit score, Sullivan said. "You’re just moving debt around. It will eventually catch up with you."

For homeowners, home equity loans are another option for combining debt, one that became popular during the early 2000s as interest rates dropped. Lower rates can make these a good option - if you can get them. Consumers who are already having trouble paying their bills might not be eligible for the lowest rates. There can also be hidden fees you have to factor into your overall costs, such as closing costs, attorney fees and penalties for paying off the loan early.

The biggest problem with a loan like this is that you’re using your home as collateral. That can be dangerous if you still lean on the plastic.

"A lot of people who" move credit card debt to a home equity loan "start charging right back on the credit cards, and then they have two debts," said Chris Dlugozima, a counselor at credit counseling agency GreenPath. "If you don’t pay your credit cards, they can’t take your home. If you have a home equity loan, they could."

Debt consolidation, if used correctly, can help get you out of a sticky situation, but it’s not necessarily a long-term fix, Sullivan said.

"The trick," he said, "is to stop spending" beyond your means.

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