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The loan should be large enough to eliminate all the unsecured debt at one time.

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If the interest rate you get for a debt consolidation loan is not lower than the average interest rate you already were paying on your credit cards (see above), then a debt consolidation loan does you no good.If you are tired of seeing your credit card balance rise every month …and the balance has reached levels that are starting to overwhelm you ...If you don’t plan to change your spending habits – i.e.you still plan to use your credit card for anything you want – then debt consolidation is not for you.The chase to catch up with your bills will never end.

Putting the credit card away would be a first step, but not the only one you need to consider before deciding that debt consolidation is your financial savior.

The first step toward making debt consolidation work is calculating the total amount you pay for credit cards every month and the average interest paid on those cards.

That provides a baseline number for comparison purposes. For many people, there is enough left to handle their debt if they organize their budget better and get motivated to pay down debt.

It’s up to consumers to decide which one best suits their situation.

Debt consolidation is also referred to as “bill consolidation” or “credit consolidation.” By any name, consolidating debt effectively should get you out of debt faster and eventually unsecured debt such as credit cards.

This debt-relief option untangles the mess consumers face every month trying to keep up with multiple bills from multiple card companies and multiple deadlines.