How Does "Debt Consolidation" Work ??

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Q. I started a business and incurred some debt on credit card. The interest rate is very high (about 25+ %). I recently closed the business and get back to employment (engineer) and have a good pay. Now I want to plan on paying the debts. I have seen ads on debt consolidation (and they say it is not debt consolidation load). Has anyone had any experience with those companies? Some advertise that they could reduce the interest rate to 5-10%. Is that true? What is the catch? Should I shop around for different companies? Can I negotiate directly to the credit card company (bank) for interest reduction? Thanks in advance for any advice / suggestion!

A. -First of all, I am proud of you that you are going to pay off your debts. Its the best thing for both you and your creditors. So sorry the business didn't work out. Many of the "debt consolidation " plans are scams. (I have even seen Chapter

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