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It's still possible, however, to benefit from consolidation if you explore your options and proceed with caution.

Credit counseling is providing financial education to help you better manage your credit and other personal finances.

Community Q&A If you've watched TV or opened your mail lately, you know that there are plenty of companies eager to help you consolidate your loans to "cut your payments in half," "lower your interest rates," and "help you get out of debt fast." Indeed, consolidating your high-interest loans and credit card debt into a single loan with a lower interest rate and more manageable payments makes perfect sense. Many people who consolidate loans end up paying more than they would have otherwise.

In the case of home-equity loans, in fact, an alarming number of borrowers end up losing their homes.

When you're choosing the term of a loan, consider the total amount of interest and fees you’ll pay.

If you are struggling to pay off multiple credit cards, consolidating your debt may allow you to reduce your interest rates and lower your monthly payment.Our appointments are free and completely confidential.Your Counsellor will provide you with information and guidance to help you make an informed decision about your finances. Debt consolidation is a third-party payment system. Agencies range in quality so make sure you shop around. Most debt consolidation plans are structured the same way. They ensure member agencies pass rigorous standards set forth by the Council on Accreditation or another approved third party, and that their counselors pass a comprehensive certification program. Financial institutions don't give preferential treatment to any one organization, nonprofit or otherwise. However, if you just happen to have accounts with creditors that don't offer any concessions, that benefit is reduced. Look for a nonprofit credit counseling organization that belongs to either the National Foundation for Credit Counseling (NFCC) or the Financial Counseling Association of America (FCAA).There are thousands of companies that claim they can help you consolidate or manage your credit card debt so that you pay less or reduce your payment.Consolidating multiple credit accounts into one new loan with a single payment may help you lower your overall monthly expenses, increase your cash flow, and eliminate the stress of multiple monthly payments.Accounts reported as settled are scored negatively by all scoring models.Be wary of organizations that pressure you to enter debt settlement programs and charge substantial up-front fees for their services, or that promise to remove accurate, but negative information from your credit report.Many credit counseling services also can provide debt management plans, which involve negotiating repayment plans with your creditors.These plans often involve securing lower minimum monthly payments or lower interest rates, but do not cause the debt to be settled for a lesser amount.