If you owe money on a few different credit cards, it can be hard to keep on top of the repayments. Even if the individual payments seem small, it all adds up. If you are having problems keeping on top of your card repayments, it might be an idea to look into consolidating your various credit card debts into one monthly sum with a credit card consolidation loan.
Before you do anything, you should seek advice from an independent, non-profit organisation, as they will be able to help you sort out your problems, without their advice being distorted by a commercial incentive.
Before you sign anything, you should do a bit of homework on the credit card consolidation services you are looking at. Some of the companies are more reputable than others, and you do not want to go with one of the less reputable ones. The Better Business Bureau is a goldmine of information about various lenders and financial products, and can help you decide the best way to get on top of your finances.
Sometimes, combining all your debts into one loan can work out well from a financial point of view, as long as you go about it in the right way. For example, if you pay your cards by direct debit, then you might have money coming out of your account at several different times over the course of the month. If you are not careful, this can cause you to be hit with huge over limit charges. In this case, consolidation would make a lot of sense.
Consolidating your debt is not always the best solution to the problem of mounting debt, and in some circumstances can make it worse. If you are in really deep financial trouble, you might want to consider an Individual Voluntary Arrangement or even filing for bankruptcy as a way of cutting your debt burden.