Consolidating debt good
If you can reduce the number of checks you have to write each month, and get a smaller payment at the same time, isn't a consolidation loan the way to go? First of all, when someone is deeply enough in debt that they are even thinking about doing a consolidation loan, having to write fewer checks each month shouldn't even be a consideration. It generally takes years to get deeply into debt, so it is only fair to expect it to take a few years to get out.
If you are seriously considering a consolidation loan so you don't have to write so many checks and make so many payments, then you are a long way from actually dealing with, and solving, the debt problem. Your debt problem is not being caused by having to spend time writing checks each month.
Debt consolidation comes in several forms, including credit counseling, balance transfers, and debt consolidation loans, so review your options carefully before making a decision.
Companies that offer credit counseling do not loan you money.
Instead, they negotiate with your current creditors to get you debt relief.
Other debt consolidation companies are just plain scammers looking to take advantage of people when they're down.
Still, there are situations when a debt consolidation loan can be the right thing to do. Debt consolidation is when you take several debts, and consolidate them into one loan in order to take advantage of lower interest rates, lower payments or the lure of having a simplified situation and one easy payment instead of several payments.