Debt consolidation has become a buzz word within the financial world, mostly because it is true that you can lower your debt by 70%. However, it is important to keep in mind that every situation is unique and that it will take hard work to reduce your payments by that much.

Debt consolidation does take a toll on your credit, but does not affect it nearly as much as missed payments or bankruptcy would. If debt consolidation is done right, it can be incredibly beneficial and allow you to pay off debt faster and more efficiently.

Be careful, BofA and I am sure other banks will charge you if you "use" overdraft protection. They charge you $10, which is better than the $25 NSF charge, but it's still pretty dick.