When you get in over your head in debt, what are your options? You can either not pay your bills and hide from the telephone, or use a debt consolidation company. To Consolidate debt into one nice little package seems like the perfect way to get it under control. You can apply for a debt consolidation loan. The only catch that they don’t tell you is that the interest is astronomical. There have been programs that only in the fine print do they tell you that you will be paying 27% interest or more. Also, another problem with these debt consolidation is that they ruin your credit as bad or worse than if you just weren’t paying your bills yourself. The best advice: call your creditors, explain your situation, and make payment arrangements yourself, and don’t get behind again.