More and more Americans are seeking the assistance of debt consolidation companies to ease the burden of their overwhelming debt.  Debt consolidation involves taking out one loan to pay off several other loans from different lenders.  Debt consolidation eases the burden for several reasons.  First of all, the borrower only has to make one monthly payment.  Second, consolidating debt lowers the interest rate on the total amount of money owed.

While there are several genuine debt consolidation companies that offer legitimate programs, there are equally as many companies that are in the business just to make a profit.  Here are 3 warning signs you should look for when seeking the assistance of a debt consolidation company.

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 It’s 3:00 in the morning and you can’t sleep. It’s the anxiety and stress of your credit card bills; what’s been paid, what hasn’t, the enormous amount of credit card debt, the reality that you owe more than what you make. It’s just driving you crazy.

If your struggling with credit card debt, then you’ve probably have thought about seeking out the assistance of credit card debt elimination services. For an upfront fee of $2,500 or more credit card debt elimination services try to sell you on their program that promises to wipe your slate clean. Sounds too good to be true, doesn’t it?

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