The more loans and credit cards you have, the more payments you have to balance. And the more payments you have to balance, the more difficult it is to pay them all on time. As our economy continues to suffer, it becomes more and more difficult to keep up with all of those payments. One of the best ways to solve that problem is by debt reduction consolidation. That means that you can reduce your debt by consolidating multiple payments into one. If your credit card company understands that you are struggling and in danger of defaulting or filing bankruptcy, they may be willing to negotiate lower rates and smaller payments in hope of recovering as much of your outstanding balance as possible. If you haven't missed many payments, they may be unwilling to work with you, but an experienced debt consolidation company may be more successful, for a fee. In fact, if that company is managing your debts monthly, they probably charge a monthly fee that can add up. However, if they are a reputable company, those fees should be far less than you had been paying previously and should help reduce your debt more quickly.