National Consumer Debt Council

Debt consolidation may be a good idea for people with excessive debt.

Even if you have a good credit history, it is a prudent to investigate your own credit report, especially if you are planning a major purchase, such as a home or car. Checking before-hand on the accuracy of the information in your credit report is important because there are often many mistakes that can be fixed quite easily. This will insure that you get the loan rate you are entitled to.

More than 50% of college freshmen today owe over $1,500 in credit card debt. When kids have such credit problems it is no surprise that, as adults, we have even bigger problems. We are trained from when we are young, some would say brainwashed, to use credit like there is no tomorrow. For kids, there never is. But when you want to get a loan, our credit is the single most-important factor in the rate we will pay. Keep your credit report clean, pay off your debt, and if you need help, contact a credit counselor at one of the non-profit organizations in your state.

Watch out for bankruptcy firms that mascarade as debt consolidation companies. You do not want to declare bankruptcy in most cases. Visit the FTC's web site for more information Ads Promising Debt Relief May Be Offering Bankruptcy

The FTC also offers some good advice in picking choosing a credit counselor: Choosing a Credit Counselor.