Many different approaches exist, to help you consolidate debt, so you need to do your homework.
Although no single debt management strategy works for everyone, combining many debts into one payment can work if your level of self-discipline matches your desire to correct a bad financial situation.
Think about which of the following goals is most important to you; amount you need to pay on each account.
For credit card debts, your required minimum payment declines as your running balance decreases.
You need a clear understanding of what you want to achieve and how it will benefit you, in order to make the right debt consolidation choice.
Defining your goals is such a crucial part of choosing the right way to proceed with how to consolidate credit that we recommend that you read our separate article on debt consolidation goals.
However, not all debts can be combined into a consolidation loan — a mortgage cannot be included, for example.