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A debt consolidation loan is used to pay off all other debts and simply owe a loan amount to one creditor with one monthly payment to make. Such loans can be expensive, but are basically a good idea, the main caveat being that, having consolidated your debt, you must not start borrowing again on the credit cards you have consolidated-unfortunately I have seen this happen too often (I used to volunteer as a credit counselor). So if you consolidate, make up your mind that this is the only loan you are going to have until it is repaid.
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I deeply regret my decision to open a credit card a year ago and start spending recklessly. It got to the point where I had to sell some of my equipment to cope with the mounting interest payments. Fortunately, someone recommended that I check out - is point break financial legit. I took their advice, applied for a loan, and now, a month later, I have successfully paid off my credit card debt in full. I am relieved and happy with the result.
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