If you are finding that you cant pay all of your debt off because you have several credit cards all with high interest rates, then you may be a candidate for a debt consolidation program. Life is made easier because you are consolidating all of your debt into one monthly payment at a lower rate of interest.

Because you are consolidating your bills, and you are stretching your monthly payments over a longer period of time, youll probably have some extra cash at the end of each month.

In general, credit cards usually have fairly high interest rates. So if you are carrying several credit card balances and trying to meet monthly payments on each, you are probably racking up huge interest rate charges that may increase your monthly balance if you are only making the minimum due. With a debt consolidation program, you are not eliminating your debt, but you are lowering your interest rate and making one manageable monthly payment.

One important point that has to be remembered when you consolidate your bills is that you still owe all the outstanding debt. Do not use your credit cards once youve consolidated, because you will only put yourself further in a hole. Also, look closely at the interest rate you are paying on your new consolidation loan. If you have a lot of debt and your stretching payments out over a long period of time, your interest rate may be higher than all your credit cards put together. Make sure you make your payments on time and for the full amount due. If you dont, and youve put up something valuable like your home for collateral, you may lose it.