I agree with ArgentLupe.If you haven't changed your spending habits, consolidation is a bad idea. If on the other hand you have been able to stop spending then I would consider a consolidation loan only if it is thru a reputable bank for a fixed interest rate. I would then put ALL my debt into the consolidation so that you only have one payment for debt reduction a month. I would then try to make double payments on that loan until it was gone. This should save you a significant amount of interest and get your debt paid off much faster then a typical snowball.As it has been stated, doing this before you have reformed yourself if a bad idea. Many folks will see the consolidation loan as free money and instead of paying off the debts and closing the accounts, will either forgo paying some of them off for a shopping spree, or they will not close the paid off accounts and then run them back up.I looked at paying off my debt as a learning process. Yes it was hard and painful and is taking what seems like forever. But I was a habitual shopper and it took that kind of lesson to make me scared enough of charging to stop me.
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