#1: What is Debt Consolidation?

Debt consolidation involves combining several debts into one, either through a loan or a debt management/consolidation program (which we'll discuss in a bit).

If you're constantly juggling payments on credit cards, student or car loans, and other loan-type bills, then debt consolidation may be your only solution to get back on track,,,short of bankruptcy..

The beauty of debt consolidation is that you can turn several high-interest debts into one, presumably, lower-interest (and lower payment) debt that's easier to pay, plus quicker to pay off.

There are different ways to go about debt consolidations-and some dangerous pitfalls to avoid-so let's go through this together... step by step...

Next: #2: How to Know When Debt Consolidation is Right for You.