EUGENE, Ore. -- For people who owe money, debt consolidation is one pathway forward.

KEZI 9 News talked to Oregon Pacific Bank President and CEO Ron Green to learn more.

Are debt consolidation loans a good idea?

Green said debt consolidation is always a good option if you’re looking to lower your interest rates or lower your monthly payments.

However, obtaining a debt consolidation loan requires that you apply and qualify. In the event that you have insufficient income to qualify for a debt consolidation loan, Green recommends going to your credit card provider and bank and ask what they can do to help you lower your payments. Green said oftentimes they’d rather work with you than see you potentially default on your obligation.

But if you can consolidate and reduce your interest rate and monthly payment, it’s a great way to go and most banks can help you with that.

If you have a banking or finance question for Green, click here.