There are various programs available and while in general each consumer has a different case, debt consolidation programs do work.
The programs could take up to three to four years to pay off your debt. In comparison it could take up to twenty to thirty years to pay minimum payments to a credit card company or to a company your debt is owed. Another key item in determining if a debt consolidation program will work for you is the affordability of the monthly payment. For example, the monthly minimum payment billed by the credit card company or the company debt is owned to could be raised at any moment, putting pressure on family incomes. If enrolled in a debt consolidation program, the monthly payment could be lowered and kept at the same amount every month. Therefore, this would be a great payment savings when compared to the other available programs.