Online debt consolidation loan information often promises things the source cannot deliver. Combining your obligations into one convenient lower monthly payment sounds very appealing.

Unfortunately, consumers most in need of this type of relief rarely qualify. The large amounts of unpaid balances push down their credit score and boost their debt-to-income ratio. Neither is good.

 
 
 

The government does not offer or approve debt consolidation loans, relief options, or forgiveness programs for private obligations in a direct fashion. However – federal and state agencies enact laws that regulate related activities.

People who owe large sums on their credit card, mortgage, or hospital bills will benefit from knowing the consumer protection rights that they have.