After 100 hours of researching and calling debt consolidation companies, our top choice is National Debt Relief, which is one of the most transparent companies we spoke to.

While having one low rate and one payment is an attractive option, many people end up in similar or worse financial situations when attempting credit card debt consolidation.

According to Cambridge Credit Corp., a nonprofit credit-counseling agency, 70 percent of Americans who take out consolidation loans end up with the same or more debt after two years.

Debt Consolidation: Consolidation is the process of combining all your debts into a single, lower payment by taking out a loan to pay off your creditors.

Companies usually attempt to lower your debt through debt settlement before recommending you take out a loan.

New Era Debt Solutions is another standout company.

It has flexible programs that don’t have a minimum debt requirements.

Types of debt vary, and this influences what you can consolidate.

The first thing to determine is if your debt is secured or unsecured. For example, car loans and mortgages are secured debts.

With bankruptcy, you officially declare that you cannot pay your debts.