Some companies maintain in-house debt counseling to assist consumers.
Others refer clients to a network of companies, credit counselors and debt attorneys that offer solutions.
It’s up to consumers to sort through the choices and determine which company meets the goal of eliminating debt.Maybe you carry multiple credit card balances on top of having a high-interest personal loan.Or maybe you have a loan with an adjustable rate and your payments are starting to rise each month, making your budget more and more uncomfortable.In these situations, it may be wise to look at a debt consolidation loan. Debt consolidation allows you to pull all of your smaller existing debts into one new debt that you pay each month.For some people, it’s a smart choice that gets your debts organized while potentially lowering your monthly payments. When you take out a personal loan for debt consolidation, you receive funds to pay off all of your existing debt, like your credit card balances and high-interest loans.It’s important to weigh both sides carefully before deciding if a debt consolidation loan is right for you.