Attempting to get out of debt is very challenging. Credit card companies are really good at keeping you in debt which is why many people are not able to pay off their debts. Thankfully there are debt consolidation programs that can help you get out of debt fast.  You may be contemplating how a debt consolidation program can help you. I’ll tell you the pluses and minuses of debt consolidation to help you find out if it’s the right course of action for your needs. Let’s start by determing what a debt consolidation program can do and what it can’t. A debt consolidation program can reduce your overall monthly payments because most programs try to accomplish that goal when they negotiate with your lenders. Debt consolidation is not a loan but a service; however, if you hear debt consolidation being referred to as a loan, it usually means a home equity loan. How you pay your debt is simply restructured with a debt consolidation program. In the program, you make one payment to the debt consolidation company each month and they directly pay your lenders.  The restructuring of your bills can actually help you pay off your debt faster even though your monthly payment is reduced.  Unfortunately, not all types of debts can be consolidated under traditional debt consolidation services. Generally, most programs will work with your unsecured debt only (ex: credit cards, medical bills, personal loans, etc). There are specialized consolidation programs for student loans; however, they are most often made in the form of a new loan.  Most consolidation programs are completed in around 12 to 36 months; however, they can run shorter or longer depending on what you can afford to pay each month.  When you sign up with a program, you’re advised to stop using your credit cards. It’s hard to get out of debt if you’re still using your credit cards. Another great benefit of being enrolled in a program is the ability to increase your credit as the program progresses. Adhering to the plan set forth means that you’ll be debt free upon completion of the program. If you’re serious about getting out of debt, a debt consolidation program can surely help you reach your goals a lot faster.