Under a debt consolidation plan, terms and conditions change, it will allow you to pay your current debts in 3-6 years. The purpose of debt consolidation is to speed up your paying time and at the same time makes lower monthly bills.
You have to make sure that the new cost of the consolidated loan is truly less than what you are currently paying for to the various creditors. Not getting the lowest available interest rate has always been a problem faced by consolidation loan applicants. Be sure that there is something to secure the loan like your house for example.
It is highly recommend you to calculate the interest and the fees of all your existing accounts to see the total payments youre making at present. After computing this, compare the figure with the consolidation loan amount. This will determine if youre making a better choice or not.
Be sure to make your deposits on time, if you are already under a consolidation loan. This will assure your creditors that you really intend to pay for your debts. Having delayed payments might cause the creditors to resume the normal collection activities and whats worse, they might turn it back to the regular interest...
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