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If you have been given collateral, you are allowed to bargain on the interest rate that has been charged by the company. You might be even able to increase the value of assets you own in some countries! Age is an important factor. If you are young, then you can take a loan against the retirement benefits that you might have, but in such situations you try to return the amounts as soon as you can and focus on how you would rebuild your retirement finds, If you have taken up a bad credit debt consolidation   loan, you will be charged a little extra as compared to those who have high credit score. You will still be given the rate of interest that is lower than the ones you were paying to the other creditors. This should bother you, as your single monthly payments will be much lower as compared to the combined monthly payments of the various different creditors. As you continue to pay on your debts, your credit scores will start to increase, and you might be able to reschedule your debts according to what you think is best.

If this is the case, then what are the aspects of debt consolidation that I should be avoiding?  When you are on the verge of bankruptcy, you will be going for the first free debt consolidation help that will go towards your way. Please do not do that. There is a chance that you will get duped if you go for the very first company that meets your eye. You should verify the amount of loans that you are taking from the company, as from the company itself.  There will be conflicting interest on the part of the company if you work through multiple companies. You may find that company that you are working for may charge you the quote for free, but the service of the company will not. You should be taking quotes from the companies as the interest rates usually vary from time to time and from company to company.  Also, you should take into account the loan period. The higher it will be for you, the better. You should read through all of your documents, and only go for those which seem right to you.