While most of us dismiss debt consolidation as something for those who are really drowning in debt, this kind of arrangement can also work well for the moderately strained.

Maybe you have unpaid medical expenses or credit card balances that are a little too high - and while you are working toward paying them off, you might want things to move along at a bit of a quicker pace. When you choose to consolidate your debts, you can simply put all the debts into one easy to remember payment, which makes sense no matter how much you owe. From small debts to big debts, consolidation doesn't have to be a last resort.

Nearly everyone is at risk for debt these days. With the decline in the economy, no matter where your finances are right now, they are at risk for trouble.

If you have credit cards, loans, a mortgage, or any other financial obligation, you need to make sure you are able to continue paying off these debts. Even if you feel safe in your job right now, who knows what maylhappen down the road in days to come?

You might become ill - A terminal illness can put you out of commission, unable to work and provide income for bills.

You may be laid off - No wages? No way to pay your mortgage.

You might become injured - Even if the injury is short term, if you have any debt, interest rates will pile up.

You may need to care for a family member - People live longer, requiring more medical attention and care.

All of these situations are hard to think about, but they're a common sight in these days. Since life is predictably unpredictable, we need to prepare for the worst while crossing our fingers and hoping for the best.

To make sure you're prepared, you need low interest consolidation.

Chances are good that you may never need it (especially if you manage your money well), but if your thrown a curve ball, you need loan consolidation information at your fingertips to make sure you can rebound. So, what is debt consolidation? In simple terms, it's your second chance at a financially healthy life - no matter how bad you think things have gotten.

So, what is debt consolidation?

Theres a lot of information on debt consolidation on the net so it is hard to know what to believe. In very simple terms, consolidating your debts happens when you receive a loan from a company that you then pay toward your debts - or the company does it for you.

In exchange, you will then have just one loan to pay off, often with lower interest rates. This loan consolidation requires a small monthly payment that simplifies your bill paying time and it certainly helps you decrease the debt at a faster rate than minimum payments have been doing.

In the end, debt consolidation isn't an easy way out. To make sure you don't get in this situation again you need to learn the basics of money management. But being able to have some room to relax about your debt is priceless. You can still live the life you've been living, but you'll be erasing your debt at the same time.