[vc_row][vc_column][vc_column_text]At its core, debt consolidation is a potential avenue to eliminate debt over time by moving several high interest debts into one low interest debt.  Of course, consolidating debt is never as simple in practice.  Debt consolidation is one of many tools consumers with significant debt liability can use to overcome their financial problems, but it is not for everyone.  An experienced debt relief expert can help you determine if debt consolidation is right for you.  For now, we'll explain some of the ins and outs of the practice. Debt consolidation works best as an option for people who owe a lot of debt to numerous creditors.  It is not an immediate fix, as the debt is not erased after consolidation.  However, the debt does become much more manageable and can be paid off much faster.  For example, let's say you have five loans of $5,000 each at an average interest rate of 16%.  If you paid $100 monthly towards each loan, it would take 7 years to pay off the loans with over $16,000 paid in interest.  If those loans are consolidated at an interest rate of 9% and you keep the same monthly payment amount of $500, it takes just over 5 years to pay off the debt with just under $6,400 paid in interest.  In this hypothetical case, you'd save nearly $10,000 and pay off your loan almost 2 years faster. Of course, the most typical type of debt consolidation practice, a loan, does not quite work this way.  Debt consolidation loans often come with payback deadlines and interest rates that might be higher for applicants with less than perfect credit.  Understanding the terms of any debt consolidation loan is important, and why we recommend working with debt reduction experts.  Debt consolidation must be managed carefully, as continuing to accrue debt could defeat the true purpose of debt consolidation in the first place. There are many strategies to help consumers eliminate their debts.  The Law Offices of Scott Warmuth offers free legal consultations to help you determine what strategy may work best for your individual circumstances.  Call us today at 888-517-9888 to begin your path to becoming debt free.[/vc_column_text][/vc_column][/vc_row]