Are you paying high interest rates on loans or credit cards?  Are you drowning in debt to a point where you see no way to recover?  Would you like to reach a point in your life to where you are not living paycheck to paycheck?  If you have answered yes to any of these questions, you need to think hard about debt consolidation.  Before you take a step in the direction of debt consolidation, you must do some research to make sure you make the right choice. 

There is one major issue that I have seen with consolidation of debt.  The problem comes to those who do not have self control.  After consolidation of debt you will see minimum payments that may be less than what you have been paying.  The temptation may be there to spend the money and not apply it to the payment of the consolidation.  If you do not have the self control to apply the additional funds to the consolidation, I would recommend that you forget about debt consolidation.  This type of behavior will lead to additional debt and will not reduce the debt that you consolidated. 

Search this site for information about consolidation and decide if consolidation is for you.