If you’re up to your eyeballs in debt, then the words debt consolidation may have something of a magical ring to them. The thought of having one easy monthly payment to reduce and pay off the debt you have is like a light at the end of a dark tunnel. You need to be wary, however, and not just jump at the first chance to reduce your debt. Be careful of what’s called a Hard Money Loan. If you have bad credit, or have missed a few payments, it’s not going to be easy to get a loan. There are some companies that will entice you by saying you can get one, and then hit you with impossible finance charges. Do your homework to save yourself more grief.