We need to know which types of investment they are considering when they ask "what is the first step to investing?" Many newcomers to the world of investments think only of stocks and shares but there are of course many more options out there. Some of which are possibly far better for beginners. Online savings accounts are open 24/7, so you even if you want to make a transaction at 2 in the morning, you can very conveniently do it through your computer, your laptop or even your mobile phone. Also, since these banks are operational through the Internet, you don t have to worry about not being in the country to make a particular deposit or a withdrawal from the account. (i) The first thing you have to look at is naturally the rate of interest. Since it is the bank that will be paying you the interest, you have to select the bank that provides you the highest rate of interest. This should be one of the primary points that you should be looking at, but certainly it should not be the only point. Not just the short term because that will almost all ways be better than the amount you are currently paying. It's the long term cost that can be the sting in the tail with any kind of debt consolidation loan. As a smart shopper you need to do the math on whether the amount you will pay over the life of your refinancing will be worth the monthly reduction in your outgoings. Debt Consolidation - Poor Credit Solution With debt consolidation poor credit can become a thing of the past and enable you to get back on your feet financially. So the first question I guess you've got is if you qualify for debt consolidation. Poor credit isn't necessarily a barrier to you getting a loan to consolidate your debt as the companies understand your situation. Consolidations loans are the same as any other loan when it comes to making a decision whether or not they are right for you. It sounds great the way the banks and loan companies promote bill consolidation loans doesn't it? Just one small monthly repayment covers all your outstanding debts. Well in some cases that is very true but every case is different and you have to do you own checking to make sure you will be better off.