It can be hard to prepare for debt consolidation. This piece can give you the facts you need to decide if debt consolidation is smart for you.

Before you get your debts consolidated, see what your credit report looks like. Try identifying which financial practices caused you to end up in debt. Know exactly how much you owe and to whom you owe it to. Without this data, it will be hard to restructure your financial situation.

Many creditors are more than willing to work with consumers to resolve their debts.

Debt Consolidation

If you receive a credit card offer through the mail offering a lower interest rate, consider consolidating your debts using the offer. You will be able to save on interest and will then only have to make a single payment. After combining all your debts into one credit card, focus on paying it down before that introductory offer ends.