Credit cards can be great if you know how to use them. Many people use them for large purchases or as safety nets in case something ever happens to them or their job. However, many Americans abuse credit cards. They use them for what they want now, regardless of the consequences later. Then the bills start coming in, and between rent, bills, and credit cards, it is almost impossible to meet minimum payments. This is where debt consolidation comes in.

What is Debt Consolidation?
Debt consolidation is bundling several debts into one loan payment. This can be done in many different ways. Often, a debt consolidation company will give a borrower a loan to pay off all of their credit cards, and then they pay that loan at a lower interest rate. Borrowers can also open a larger credit card with a lower interest rate and transfer the balances of their cards to that card. Another option is to take out an equity loan against the borrower