Debt consolidation loans are not for everyone and can be dangerous if you aren't careful.  There's a lot of people who are unaware or don't pay attention when they consolidate their loans.  Sometimes the interest rate can be higher than the total APR on your current debt.  Some unscrupulous lenders charge an enormous up front fee that they don't go out of their way to tell you about.  Some of these same lenders might even roll the fee into the loan payments so hide it.  If the loan's APR is higher than your credit cards, you'll lose money and should not close on the loan. Don't consolidate just for the sake of consolidating.  The word is misleadingly dangerous.  Your brain tricks you into thinking that consolidation means less.  Most people think consolidation loan means they'll pay less, but that may not be the case.  Consolidation just means that the monthly payments from your creditors will be consolidated into one payment to one consolidation lender.  Basically you can't just borrow your way out of debt, you must pay it off.  A debt consolidation loan should only be considered if the interest rate is less than all the credit you owe and you close out all of the accounts you paid off.