Debt consolidation means lumping multiple debts into one, often resulting in an overall lower monthly payment and reduced APR. Debt consolidation companies may sound like a no-brainer—particularly ones that may be able to help you get out of debt. But these programs aren’t powered by magic; expect monthly payments and a 2-7 year commitment to paying off your debt.
It’s wise to pore over customer service reviews and rankings with sites like the Better Business Bureau. Some companies will also offer credit counseling upon request to help you find an alternative solution
