If you can reduce the number of checks you have to write each month, and get a smaller payment at the same time, isn't a consolidation loan the way to go? First of all, when someone is deeply enough in debt that they are even thinking about doing a consolidation loan, having to write fewer checks each month shouldn't even be a consideration. It generally takes years to get deeply into debt, so it is only fair to expect it to take a few years to get out.
If you are seriously considering a consolidation loan so you don't have to write so many checks and make so many payments, then you are a long way from actually dealing with, and solving, the debt problem. Your debt problem is not being caused by having to spend time writing checks each month.
3) Confusion because of too many bills Another common obstacle to getting out of debt is when the sheer number of bills you receive makes it hard to even keep track of which payment is due on which date. While there are some real benefits to debt consolidation, it’s extremely important that you do your homework and understand there’s a wide range of options when it comes to debt consolidation loans – some are good, some are bad, and some are downright predatory.
Once you’ve chosen a debt consolidation method, it’s a good idea to keep the total cost as low as possible.
You should get free debt advice before you take out a secured debt consolidation loan.
Before you choose a debt consolidation loan think about anything that might happen in the future which could stop you keeping up with repayments.
The problem is being caused by spending more than you earn and buying things you can't afford.
Even if you reduce your monthly debt payment to writing only one check each month, these other problems are still there.