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In addition, you'll have a fixed payment schedule that requires you to pay back the debt in 2 - 5 years (depending on the terms of the loan).
That can help you avoid the minimum payment trap that can keep you in debt for years to come.
If you have more than three debts and your creditors want different amounts of money at different times of the month you may find it difficult to co-ordinate your payments in a way that works with your budget.
In that case, the new loan would have a balance equal to the sum of the other loans. You've probably heard of credit card balance transfers, but another option is a personal loan.
While credit companies are under no obligation to negotiate your payments, the best debt consolidation companies may be able to consolidate your debt to a single, monthly payment or negotiate to lower the total amount of debt that you owe.
When you start pursuing debt management options, you may get many mixed messages from those in the debt relief industry.
Simply put, it brings a number of debts into one easy payment.
It makes sense that it would be easier to deal with one debt instead of many.