Many people think that the only way out of their debt problem is to get a debt consolidation loan. Getting another loan is not always the best option. Another loan doesn't fix the problem.

Why you ask? It's simple, you get another loan to consolidate your credit card debt, yet you still have the open credit cards which means you now have the potential of getting yourself into serious trouble, you could be twice as deep into that debt hole as before.

Secondly, if you're maxed out or almost maxed out on your credit cards, there's no bank that's going to give you a debt consolidation loan.

Why you ask? It's simple, you're a high risk candidate for a loan. Even if you've always made all your payments on time for the past 20 years, you're still considered a high risk since your debt to credit limit ratio is too high.

The answer to your problem is to re-structure your debt, not add more, re-structure. What we mean by that is getting yourself into a debt consolidation program that can lower your interest rates and potentially lower your monthly payments as well.

A debt management program is different than a debt consolidation loan. When you're in a program the debt remains with the original creditor and is paid back with your payments through the non profit agency, it's just at a reduced interest rate, which allows you to get paid off much quicker.

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