Certified counselors will assess clients' financial situations, develop a spending plan, and create a plan for debt repayment. A debt consolidation plan may help: -  Reduce interest rates -  Waive late fees -  Lower monthly payments -  Eliminate collection calls   With a debt consolidation plan, clients make one monthly deposit which is then disbursed to each of their creditors. Most plans are structured so clients can be debt free in 60 months or less.