Their choice isn’t made any easier by the seemingly endless amount of debt solutions available. Advertisement after advertisement offering the ‘best’ debt solution. Who do you believe? Which one is the best?

First of all, there is no such thing as the ‘best’ debt solution! Every solution has its pros & cons. The debt solution that is right for you may not be right for your neighbour and vice-versa.

This article is considering debt consolidation as a possible solution. It in no way advocates debt consolidation as the ‘best’ solution. It has been for many people, but for others, an alternative debt solution has been better. Only a professional financial advisor who understands your individual situation could advise which one is best for you.

Like the title suggests, debt consolidation has been around for a while. During that time, it has helped many individuals free themselves of their debt problems and get back in control of their finances.

The basic premise of debt consolidation is this: You take your multiple debts, owed to different creditors & ‘consolidate’ them into one, single debt, paid to one creditor.

This can benefit you in a number of ways. Firstly, having only one debt to manage is a whole lot easier than having 10. It is less time consuming & there is less chance of forgetting a payment.

Secondly, if you are consolidating a number of high interest credit cards, it is possible that you could get a better interest rate, meaning you are paying less back.

Thirdly, you can choose to extend the period of time that you are paying the debt back. While this means that you will pay more interest in the long-run, if you are struggling to meet all your monthly commitments, doing this will reduce that actual amount you have to pay every month, meaning you will have more money to spare to meet these other commitments.

Debt consolidation is tried and tested. You can have confidence in the success of the many others who have used this method in the past.

The next step is to find out more about debt consolidation so you can make an informed decision.