Consolidating your debt may not save you money this May. Here's why.

Debt consolidation may not offer the savings you're counting on, and in some cases, it could cost more over time. Getty Images/iStockphoto As household debt levels grow and repeatedly surpass prior record highs, and as credit card interest rates remain elevated , millions of borrowers are now searching for relief from their high-rate debt. And, in many cases, these borrowers ask for advice and are told the same thing: Consolidate, simplify your debt and save . That logic is easy to follow, too. …