Back in the sixties there was a popular song about a man who bought a long list of things, all for a dollar down and a dollar a week, and then realized he could not pay off all of his debts. The song seemed funny back then, but it would not seem very amusing to someone who was experiencing problems paying off his debts.

Credit and the ability to borrow money are wonderful things provided that they remain under control. But when a person finds himself in the position of owing more money than he can pay back according to their terms, that is when life can become most uncomfortable. The sound of the telephone ringing can be worrisome when the threat is imagined that it could be another bill collector. The sight of the postman delivering mail may also cause someone to break out in a cold sweat for fear that he might be bringing more bills.

We are living in an age when credit is very easy to obtain. Barely does a day go by when one does not see an ad offering a new car for sale at terms that include no money down and perhaps even zero percent interest. Offers of new credit cards with attractive perks seem to be everywhere. No wonder some people become seduced into biting off more than they can chew.

To be fair, not every debtor squanders money on frivolous trinkets. Many people run up high bills for perfectly good reasons, such as student loans or necessary repairs to the motor vehicle they require for commuting to work. People who live in countries where universal health care is not provided, such as the USA, may need to borrow money to cover medical fees.

Whatever the reason a person has accumulated too much debt, the answer to their credit woes may be a debt consolidation loan. Consolidate means to put together, and when debts are consolidated, it means that monies owed to several different lenders are put together and become owed to just one lender. This can be especially advantageous if a person has accumulated debts on several high interest credit cards, such as those issued by department stores and similar retailers.

Debt consolidation loans are typically offered by a variety of financial institutions, including banks, credit unions and finance companies. There are now debt consolidators advertising on the internet, promoting their services with free consultations.

If an individual is worried about having built up so many debts in so many places that he is no longer able to meet their payment requirements, then it may be helpful to consider getting a debt consolidation loan. If he can bundle all debts together and arrange to pay them back at a lower interest rate than he is currently paying, then many of his worries may be eased and his life made happier.