Debt consolidation is an option that many struggling Americans families are considering today. The standard method of doing so used to be taking out a secured loan with a lower interest rate to pay off high interest loans or credit card balances. That secured loan was often a 2nd mortgage on their home or even refinancing a car. However, in today's economy, such options are less available for those in serious debt. Lenders are unlikely to loan additional money to someone who is struggling to pay off the debts they have. There are legitimate credit counseling services who can help you restructure your spending and budget plans, in an attempt to allow you to pay off your own debt. They may also advise or help you find debt consolidation companies that are legitimate and helpful. But beware of the many companies that charge high fees and promise a "credit fix." Most cannot fulfill those promises and may end up costing you more money, doing further damage to your credit rating, and leaving you in the same debt you started with. Consult an attorney if you are in serious financial trouble and have already been deceived by one of the illegitimate debt consolidation companies.