A consolidation loan helps as you only make one payment towards the loan instead of multiple loan payments as I would imagine you are currently doing. Also the interest rate on the consolidation loan needs to be lower than the interest you are paying currently. Only then would it wise to use a consolidation loan as you would be paying less. There are strict requirements for consolidation loans, one of which states that all your debts need to be up to date.
The best option would be to speak to a debt management company to assess what solutions would be best suited to you.
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