Debt Consolidation, bill consolidation or Debt Counseling, are techniques applied by financial institutions to take control and manage any outstanding debts you owe. Some examples of the forms these can come in are home equity options, unsecured personal debts, personal consolidation loans, and credit card debt consolidation loans. When it comes to paying off debt, A little preventive financial maintenance can eliminate the need for major repairs later such as bankruptcy.Debt Consolidation is a popular option in dealing with debts. Not only does it combine all of ones bills into one monthly payable bill, but also at lowered rates of interest and are even often capable of eliminating late fees from your creditors. It is much easier keeping track of one creditor and one payment than it is multiple payments. It may take longer to pay them off, but it can eliminate going bankrupt and make your life easier. Properly dealing with your debt situation can lead to financial freedom. It takes time but it is well worth it in the long run.Similarly a debt consolidation loan is a single and secured loan that helps in paying off debts gained by using credit cards, overdrafts etc. This loan then is essentially paying for your bills, while you then pay the loan off. You are responsible to the one loan. At one time it was near impossible to obtain a loan with bad credit but a debt consolidation loan is such one that can help out in such a time of need. If you are considering one of these options, be sure to talk it over with the company so you know what you are getting into, the one here provides free consultation in helping you decide which is best. Debt Consolidation is not the solution to educate you on poor spending habits but they can provide financial relief from your debt owed.