However, if you consolidate your debts and then incur new debts on top of the consolidation loan, you may end up farther in debt than before.
Many of the low interest rates for debt consolidation loans may be “teaser rates” that only last for a certain period of time.
Also, because you have debt, you might not be able to get the best interest rates that these companies offer.
Before taking out one of these loans, add up all of your current payments.
When you’ve fallen behind on your payments, it can feel like there’s nowhere to turn.