Before rushing off and getting a signature loan from the first company that makes a loan proposal, think about this.

Consumer debt is at an all-time high. What's more, a record number of consumers - more than 1.6 million in 2003 - are filing for bankruptcy. Whether your debt dilemma is the result of an illness, unemployment, or overspending, it can seem overwhelming. In your effort to get solvent, be on the alert for advertisements that offer seemingly quick fixes. And read between the lines when faced with ads in newspapers, magazines, or even telephone directories that make excessive claims.

When considering a signature loan be careful of the advance fee scam. The up-front fee may be as high as several hundred dollars. Resist the temptation to follow up on advance-fee loan guarantees. They may be illegal. Many legitimate creditors offer extensions of credit, such as credit cards, loans, and mortgages through telemarketing, and require an application fee or appraisal fee in advance. But legitimate creditors never guarantee in advance that you'll get the loan. Under the federal Telemarketing Sales Rule, a seller or telemarketer who guarantees or represents a high likelihood of your getting a loan or some other extension of credit may not ask for or receive payment until you've received the loan.

Before selecting a company to get your signature loan, it is best to compare different loan plans. Services and fees vary greatly, as do interest rates, so compare as many programs as you can.