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It isn't difficult to find that you are way over your head in debt. Making the monthly payments is not budging the balances at all, and the interest rates are astronomical. You are not alone and it isn't hard to do. Thankfully, you have the option to consolidate your debts and with the tips included here you will know exactly how to make sure that everything goes off without a hitch.

Take some time, don't be rushed or interrupted and go through your financial situation. Find out what the main culprits are. You can't fix something if you don't know where it is broken. Log who you owe money to and how much you owe. This is the most critical and number one step.

Once you have put all of this together it is time to start your quest for the best debt consolidation company. Keep this in mind; all debt consolidation companies are not equal! Some people do hire a company to help them or even possibly an attorney but it is not necessary. You can do the whole process by yourself!

Make sure that you shop around for the best deal and to ensure that the place you are going to give your business to is well established and see how long they have been in business. Basically, just check out their reputation. Also, make sure that they have modest fees in comparison to the other companies.

Don't be fooled if your company claims to be non profit, it means nothing in terms of your consolidation. Always double check with the BBB to ensure that the company is legitimate. Another reason to check with them is because you want to make sure that you are not handing over your life to a loan shark lender.

The main goal here is to take all of your high interest credit cards and to consolidate all of them into one account. This new account will have a much nicer interest rate and you will only have to make one payment. Anytime that you are paying 20% or higher in interest, you need to consider other options.

If it is at all possible, consider debt settlement over debt consolidation. Of course this will only work if you can get your hands on some cash to settle the debts with. If not, then go through with the consolidation process. Chill out and look at the bright side! You will have lower payments, lower interest rates, the phone will stop ringing from bill collectors, and no more harassment!