Debt consolidation is a great idea if you are currently struggling to manage several large credit accounts, especially if they have high interest rates. Debt consolidation generally involves obtaining a lower interest rate and potentially negotiating with existing creditors to reduce the principal owed, so you’ll save money in the long run and become debt-free sooner. However, financial lenders know that people looking to consolidate debt are generally stressed. Similarly, they may not always be financially well-versed. Because of this, some debt consolidation options may have high interest rates or predatory practices, potentially harming borrowers. If you’re interested in consolidating your debt, make sure that you shop around for different options and pay particularly close attention to interest rates. Likewise, be sure that you understand all the risks and legal obligations before signing any paperwork.