Define consolidating credit card debt
In almost every case, you’ll have lower payments because the term of your loan is prolonged. You are only restructuring your debt, not eliminating it.
You don’t need debt rearrangement—you need debt reformation.
Debt settlement companies also charge a fee for their "service." Often, the fee is anywhere from 15–20% of your debt.
Think about it this way: If you owe ,000, your settlement fees would range from ,500–10,000.
So basically, your debt would go from ,000 to ,000–60,000.
You don’t need to consolidate your bills—you need to pay them off.Pay attention here, because these crafty companies will stick it to you if you’re not careful.