© pink_fish13
Debt consolidation is not the magic that some people think that it is. In most cases, there is definitely some hype attached to it that just is not real. MP Dunleavey, with MoneyCentral.MSN, says that the hype can make it "incredibly alluring to anyone who is caught in the quicksand of having too much consumer debt, and who will believe anything, do anything — click her ruby slippers (bought on sale for just $400!) three times — to make it go away."
She also mentions that you may be taking a real risk if you are put in the position of having to get a debt consolidation loan. If you are already behind in your payments, then you may be forced to take a loan that actually has a higher interest rate than what you are already paying.
If you are in a hurry to get the bill consolidation loan, then this is a real risk. You may hear the words "lower monthly payment," but you might miss the higher interest part – which they are not going to repeat if you did. Be sure to take time to look into any debt consolidation loan, and you may want to apply at more than one place.