Of course for anyone who is thinking of approaching a bill consolidation service there are some very important points to keep in mind. Just as with any other form of loan every aspect of it needs to be carefully weighed up before going ahead. Things to consider are: 1. How much will the overall cost of the loan work out at? But they do care about themselves - second surprise! So they might be happy to make a loan to help sort out your bad credit. Debt consolidation loan is just another way of saying refinancing of course. And the reality of that is the bank will take the money you already owe them and spread the payments over a longer period. As with anything else it's vital to understand the rules of the game and how they apply to the position you are planning to take. For example if you don't understand stock market terminology you shouldn't even think of investing. Even with a helpful stock broker it would be foolish to risk your hard earned cash by investing in something you don't fully understand. Tell them you have a better deal on the table across the street. You'll be surprised just how much things can change with a little bit of competition. Of course if you've got poor credit things might not be quite so simple. And if that is the case maybe the best thing would be you for you to talk to a licensed debt counsellor or visit a bill consolidation service to get some idea of how you can reduce your monthly commitments. You simply let the bill consolidation service contact your creditors and agree lower monthly or weekly repayments on your behalf. Now I guess at this point you're thinking hey, I could do that myself. Well, yes, you could and you may succeed. But I'll wager that a credit counselling service can do the job better. Before you apply for a loan for debt consolidation you need to sit down and figure what you're going to say to them. First up, make sure you only tell them the truth. Do you know one of the biggest reasons why people get turned down for debt consolidation? Poor credit isn't the answer! It's because they lied on their application form.