Debt consolidation: Benefit or disadvantages?

It would be wonderful if there was a quick fix, a simple and cheap method we could buy that would, in the blink of an eye, resolve the problem. Is debt consolidation that solution? Most of us also know that getting into severe debt didn’t happen overnight. We got ourselves deeper and deeper into trouble over an extended period. Knowing this, we cannot expect “The Solution” to be a quick one. If someone tells you about (or tries to sell you) a “quick and easy” solution, be suspicious. You must ask questions and look at the T&C’s carefully. Beware of schemes that are very costly – if you can’t afford it in the long term, it’s not a solution at all.