Debt, especially credit card debt is big business these days.
Lax credit and lending standards combined with credit card companies doing everything they can to squeeze more money out of consumers are partly to blame.
When it comes to debt consolidation, there seems to be hype on each side.
There are those who are pro consolidation and those that are not so adamant about it.
Those who are pro consolidation usually have a vested interest, meaning they have a service to sell, i.
e.
debt consolidation.
Those who are against it usually have something to sell also.
Either they have there own "get out of debt" product or service to sell or they are trying to further there reputation and get more publicity for a radio show, website, book or anything else for that matter.
To be fair, there are some unscrupulous companies posing as debt consolidators so you do have to be careful if when choosing to use a consolidation service.
As with every major decision, you have to do the research to find the best option for you.
You should familiarize yourself with the debt consolidation process.
Know the pros and cons, what it costs, and how to go about it.
There are disadvantages to be sure but it can also give you time to get finances in order if done correctly.
You can consolidate debts yourself or find a reputable company to help.
A reputable debt consolidation company can lower your outstanding debt by eliminating accrued interest and finance charges.
They charge fees for the service but if they reduce your total outstanding debt then you can still save money in the long run.
The disadvantage of doing it yourself is that it could cost you more money in the long run due to extending the length of the loan and not getting the accrued interest and finance charges eliminated.
Finding the right company will take some research but there are many online resources that can help you.
Debt consolidation can be a legitimate debt solution.
Just be prepared.