If you have decided to get along with a Debt Consolidation company,this does not mean that your life will be a fairy tale. Debt Consolidation companies are not a miracle. It is true they’ll try to negotiate lower interest rates,and in the end  reduce your monthly payments,but,at the same time,they demand a considerable fee from you. It represents a part of the your monthly payment. Believe it or not,it’s usually about 10%-15% of the payment (for example about $50 on a $500 monthly payment). When you are desperate,these companies might sound like your only salvation,but be wise and think twice before choosing this alternative. Can you afford paying someone else to do what you can do on your own All you have to do is  negotiate lower interest rates and try to stretch out your repayment schedule. You have to start by paying off the highest-interest debts first.