In today's credit crisis, debt is a major issue. What do you guys think of debt consolidation services? Anybody used one before? Have you seen your debt get reduced?
The consolidation would be more for trying to minimize debt damage and to create a vehicle for working on reducing the debt. For example, if your credit cards are overextended, the interest rates that are payable on credit cards are horrendous, so better to take out a loan and to pay off the credit cards as part of the consolidation of all your debts, so that you only have to work on one debt at hopefully the lowest possibly interest rate. In the end though, one would then have to cut up your credit cards until you have paid off all the debt, but usually some people continue with credit card spending, and just get deeper into debt.
