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The goal of consolidation is to have a lower payment at a lower interest rate than you currently have.

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When you begin this process, you set aside funds each month into a separate, insured account.

While you're building up your funds, the company or lawyer you've selected negotiates with your creditors to try to reduce the total amount of debt you owe.

New Era Debt Solutions is another standout company.

It has flexible programs that don’t have a minimum debt requirements.

I was able to get a loan to pay off all my credit cards and have one payment per month.

To get myself debt free in the next 3 years and get my life back on track.

Many of these options work hand in hand with or as part of a larger debt reduction program, but in general, these are your choices: Debt Settlement: Settlement is the process of negotiating with your creditors in hopes of reducing the total amount of debt you owe them.

While you can undertake this process on your own, many people choose to hire a professional debt settlement company or lawyer to negotiate on their behalf.

While having one low rate and one payment is an attractive option, many people end up in similar or worse financial situations when attempting credit card debt consolidation.

According to Cambridge Credit Corp., a nonprofit credit-counseling agency, 70 percent of Americans who take out consolidation loans end up with the same or more debt after two years.

With bankruptcy, you officially declare that you cannot pay your debts.