How does debt consoldlidation work?

I am getting married this August and I have very little debt going into this marriage less then 1000$ However my fiancee has around 12,000 dollars in debt with 12 percent interest. How does debt consolidation work and is it worth it.

How does debt consoldlidation work?
Hi,





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Reply:Yes, I live in U.S.(Pittsburgh) Report Abuse

Reply:Debt CON-solidation = you take out a big loan so you can pay off your small loans.
Reply:Debt consolidation usually does not work because it doesn't fix the problem. HINT: The problem is overspending; buying stuff you don't need to impress people you don't like with money you don't have.





August is 6 months away. Your fiance should get a second or third job and earn $2000 per month and retire this debt. There's no reason she should be carrying it, regardless of the rate.
Reply:"consolidate debt" is putting all the bills together as one. you would get a loan for the entire amount and pay ONE bill instead of several at different percentage rates.
Reply:it is when you take ALL of your debt and place it under one bill -- usually this does save some $$ in the long run - but you will have to be careful due to the fact that i could be a larger monthly payment -- someplaces will negotiate with your creditors for a better "pay-off" but when that happens you usually loose any credit with that creditor, I would only go the road of fullpayment onder one bill for a larger payment -- unless your like really hurting in debt.