Consolidate my bills into one monthly payment

If you registered, then I guess a consultant will be contacting you..

Well, the first option is to find an actual finance company that gives out debt consolidation loans (or any personal loan for that matter). They would approve a loan for certain terms, and then pay off your other creditors, and now you owe them every month.

But if you have been slipping up in paying the accounts on time, and it is reflected on your credit report, then it may be hard to get approved.

The other option is to go to a debt management company. They do not actually give you a loan to payoff your accounts. Instead they try to work with your creditors to setup payment arrangements on the accounts. If they do, then you pay them every month, they divide your payment up and send it to your creditors.

The problem is that a creditor does not have to agree to work with a debt management company.

Welcome to the Community :D Here you will find the benefits of consolidation, calculators to figure out your debt, ranking charts,etc., http://www.debtconsolidationcare.com/ Look at these and when someone from your area contacts you, you will know what,if any, service you may want. We are here to help!...Karen

[quote=Mike]The problem is that a creditor does not have to agree to work with a debt management company. [/quote]

You are right. But the fact is creditor wants to get their money back. If there is no other way by which they can recover their money, they will accept the proposals of the debt management company. According to the new laws, one must go through credit counseling before s/he qualifies for bankruptcy. So, credit counseling is a helpful option if you are willing to pay off the debts.

Debt management companies are still in business because they are able to arrange payment plans with the creditors. Had their been no success with these programs, this industry would not have flourished in the recent times. What people have to look for is a reputed debt consolidation company that can do the tactful negotiations with the creditors and guarantee success.