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In simple terms, consolidating debts is not the easy option it seems as there are lots of potential pitfalls that need to be considered as well as the short term benefits.

It is useful as a last resort if you are really struggling to meet a variety of monthly payments - however, once you have taken this step, you must be very disciplined about falling into debt again. However, there are lot of considerations to weigh up before you take this step - some of which will help you decide if it is a good idea, and some of which will determine if it is even possible.

These loans should not be the first action to take against debt, especially if there are expenses and outgoings you can reduce or get rid of completely.

It’s worth analysing your budget and looking at what you can afford to pay back on your current debts first.

Consolidation works best as part of a larger plan to become debt-free; it shouldn’t just be a way to buy some breathing room.

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Some borrowers wind up in worse shape, either because they run up their credit cards again or because their debt remains overwhelming despite the better repayment terms.

Over the next few years, Anne experienced a number of financial set-backs.

She opened another credit card to help pay for a major car repair (00) and another to cover expenses when her roommate moved out with no notice (00). As a teacher, she thought she had job security, but her state had a budget crisis and teachers with little seniority were the first to go.

Debt consolidation offers debt relief by consolidating your monthly debt payments into one affordable payment.

Debt consolidation programs are offered by debt consolidation companies and by nonprofit credit counseling agencies.

You will still have to pay back all the monies owed, but with loan consolidation you may be able to reduce your monthly outgoings, pay a lower rate of interest, or be able to spread the costs out over a longer time period.

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