Recently, we call a few of the debt consolidation specialists here in New York to discuss exactly what the process of consolidating debts is. They talked us through it, and gave us some practical tips on how to make the process as smooth and easy as possible. We are going to share all the information that we learnt in this article.

Let's begin with someone who represents the average consumer. They have a credit card, personal loan with the bank, and a mortgage. They also have a few dollars outstanding on one of their store purchase cards, and they have a loan with a second tier of financing company for their car.

As you can see, in some way or another, the situation will represent the majority of the population.

Now consider that this person has thought about consolidating their debts, and has called one of the debt consolidation companies that they found on the Internet. They have been told to fill in an application form and submit it.