If you are thinking about debt consolidation, you might want to first consult a non-profit credit counselor.Many people get into debt because they can’t afford to make monthly debt payments on top of paying for daily living expenses.Here are some tips to achieve this: Despite anyone's diligence in managing their money wisely, sometimes financial hardships happen because of a job loss, medical condition, divorce, or other life events.If you have problems making ends meet, contact your creditors or a legitimate non-profit agency that specializes in credit counseling services for assistance.Many people try debt consolidation, but not all emerge better off.
The longer you wait, the more challenges you'll encounter.
Others might consider transferring balances to one credit card or getting a consolidation loan.
However, consolidating balances to one credit card or using a loan can be risky because, if you need to borrow additional money, it may be tempting to use one of the accounts with a zero balance.
Consolidation works best as part of a larger plan to become debt-free; it shouldn’t just be a way to buy some breathing room.
If you are consolidating debt just to get a lower interest rate without really knowing how you’re going to pay the debt off, then you are simply moving the problem around instead of facing it.