Debt consolidation can be beneficial for those who would like to create a new loan from all of the debt they have accrued, but contacting each collector first to work out a payment plan can be advantageous. Understand how debt consolidation works withadvice from a licensed financial planner in this free video on personal finance. Expert: William Rae Contact: www.hbwfl.com Bio: William Rae has been licensed in the insurance and financial fields for over 30 years. Filmmaker: Christopher Rokosz

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