There are times that you yourself can do the consolidation, for example, when you can negotiate a lower interest rate for credit card transfers to this card and other debts from other cards with higher interest (watch out for transfer fees ). But other situations are more complicated and for which you may not feel qualified.

* If you do not feel qualified to do it yourself, you can hire a debt consolidation company.
* A coach will analyze your financial situation: number of unsecured loans (like credit card debt), number of guaranteed loans (mortgages, car loans), total amount of debt, interest rates, etc.
* The counselor will negotiate with your creditors to try to get reduce the total amount of your debt.
* The consultant will consolidate all your debts into one payment, so we avoid dealing with several creditors.
* The counselor will talk to you to know what your budget and prepare a plan to pay your consolidated debt according to your means.

Many debt consolidation companies offer free professional advice.
Fraud debt consolidation

Due to increasing debts in Spain are seeing a rapid growth of businesses dedicated to debt consolidation, so use caution if you’re going to hire one of these companies to consolidate your debts.