Some were able to negotiate deals with those they owed, sometimes resulting in the creditors themselves being caused hardship due to them not being able to recover what they were owed. Others just went to the wall, filed for bankruptcy or moved away somewhere remote and changed all their contact details.

One option when faced with the spectre of liabilities spiralling out of control is to consider using one of the many debt consolidation services. There are a number of reasons why somebody struggling with debts to many creditors may wish to consider switching them to one sole creditor.

The first and most obvious is convenience and ease of use. Many people find themselves in a situation where they owe money to several finance providers at the same time, which will pass or sell your account to an agent who in turn will chase you for payment. Sometimes a person may find themselves being pursued all day every day by so many creditors or their nominees that he or she may truly lose count. Consolidating these debts into one account with one creditor will naturally help to alleviate this state of confusion.

Debt consolidation services may also charge a lower rate of interest than some lenders. They may be more amenable to reduced final repayment offers, or to payment in significantly reduced increments.

In short, dealing with one reputable creditor will sometimes allow borrowers to make sustained repayments that are proportionate and manageable. If you need a debt consolidation service and woud like to speak to a professional debt consolidation manager, check out the above companies for more details.