Rolling all of your debts into a single loan is a good idea - in theory. In fact, it can be a great idea.
Jean ChatzkyYou'll get much better results by being upfront, answering creditors calls, and responding to their letters. Delaying the inevitable only digs a deeper hole.
Jean ChatzkyYou won't be caught off guard and you won't feel guilty, because you'll be spending money that you've allocated for the occasion.
Jean ChatzkyIf you default on an unsecured debt, you won't lose anything (except points on your credit score).
Jean ChatzkyIn about one-third of credit card consolidations, within a short period of time, the cards come back out of the wallet, and in no time at all, they're charged back up. Then you're in an even worse position, because you have the credit card debt and the consolidation loan to worry about. You're in a hole that's twice as deep - and twice as steep.
Jean Chatzky