Debt Consolidation - Fixed Monthly Payment

Debt Consolidation agencies determine what your fixed monthly consolidated payment is going to be. They figure out the lowest payment that your creditors will accept. Your monthly payment is then distributed to each of your creditors. Most creditors will cooperate with the agency you work with if you can pay the minimum payment sans the interest. Depending on how slimy your credit card company is the interest rate reduction might be from zero to a complete freeze. Any reduction in interest can save you money. By the time you get to the point of considering debt consolidation, your interest rates are typically much higher than what you originally agreed to pay. It's all spelled out in the fine print you can't read.