This is adding all the debt into one payment. This has its pros and cons:

Pros;
1. Allows one simple payment
2. Can allow you to pay the same amount, while actually paying off more of the loan.
3. Can reduce interest quickly
4. Allows you to set up one automatic payment and “set and forget” it.

Cons:

1. Can create a false sense of security having only one payment
2. Allows you the bad option of getting more cards after you have set the process up.
3. Takes away some of the pain without actually taking away the debt

If you are already having a difficult time paying your bills you don’t want to make things worse by missing payments, and getting increased payment penalties

Consolidation of credit card debt into a single loan can be a great way to get away from high interest rates charged by credit card lenders.

You also will have less stress about, because instead of making multiple payments each month, you will only be making one payment.

It is possible to find a lender that will be willing to give you a debt consolidation loan, even if your credit rating has been effected, provided you can show that you have regular income to maintain the payments on the loan.
Each lender has there own criteria for debt consolidation loan approvals, so it varies widely. Always look for any “balloon payments” or increased payments over time.  You are looking for set payments, over a long term, plus the option of making extra payments to pay it off faster, if you can.

You don’t want to be punished for paying the loan off faster than expected. With this process it is a matter of discipline to not create any more debt otherwise the process doesn’t have the desired effect.

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