ST CLEMENT

One way to become debt free is to consolidate your debt and get help through a debt consolidation company. Consolidation is when one agency, such as a debt consolidation service or a bank, purchases debt from another firm, such as a credit card company. They then combine all of the debtor's debt into one single loan that the agency then pays off to the new creditor. This is an advantageous method for several reasons. There are pros and cons of each debt consolidation service and here are a few that may interest you... Of course, the disadvantage of debt consolidation is that you may end up paying more interest than you would with a debt consolidation loan. Also, the longer you use this method of managing your debts, the lower your credit score becomes, as your debts become older. This can take several years, so if you have a very poor credit score, you may be stuck with very high interest rates for several years, instead of the few years you would have had with a debt consolidation..