What exactly is debt consolidation? I never knew what it was actually till i had a chance to look up a few sites and ask a few people to clarify what it actually meant. Its sometimes a bit confusing , working with terms from the books. Well debt consolidation is the process of Getting a single loan instead of 10 different loans to close off all loans and manage a single one which leads you to lesser interest, easier payment options and Very easy tracking.
But do you need Debt consolidation? Chances are yes and chances are no. Depending on your loan structure, Where you took the loans from and how many loans you have currently to process all comes to play when you decide on taking a debt consolidation. IF you have a single loan chances are you will not need a debt consolidations unless your Debt consolidation company can put forward a deal where you get another loan with lesser interest.
Remember Debt consolidation is not just easy life. its profit too. You get to pay a single check every month instead of writing 10 different checks. But thats not helping your finance. Your interest rates and payment terms has to be negotiated and this is possible with a Good Debt Consolidation company only.