Consumers struggling with high-interest debt have several options available that can help them reduce their number of creditors and lower their interest rates. When used correctly, debt consolidation can help consumers get out of debt once and for all.
But before taking out a debt consolidation loan, consumers should first look at their finances and assess what they can afford — as well as commit to not incurring more debt, said Joanne Kerstetter, a spokesperson for Money Management International, a nonprofit financial services organization that advises people on getting out of debt.
