Debt consolidation loan

Depends on the loan and the debt collectors you have

Debt consolidation loans never work because you haven’t tackled the root cause of your debt.

What usually happens is someone will take out a debt consolidation loan with every intention of using it to clear their debts - and they do, BUT, because they haven’t changed their habits/lifestyle and closed down their other lines of credit, they will continue spending and running up the cards and debt again so eventually they end up in even more shit as their debt is now double what it was before the loan.

Don’t do it. Tackle your issues as to what has caused your debt and then do a budget to help face the debt head on.

We're on a plan now after taking in my FIL suddenly after a stroke left him left side paralyzed, we were struggling to get equipment approved on time with insurance and to get care between him getting to our house. Our expenses ballooned taking him on and we put a lot of cc to pay forward from paychecks to cover bills and cc interest payments.

We are saving approximately 1k/month and use a program to track expenses/income/balances and with that money are snowballing into paying off debt faster on smaller interest rate cards as the American Finance Group account builds up and they negotiate down our payments to creditors.

We will be debt free in four years including cars, ccs, and student loans. Interest was eating us alive and we were not even getting to principal with payments we were struggling to afford.

If you can't commit to financial changes in how you spend and depending on how you got there, it may encourage those bad spending habits. Otherwise you're catching and snowballing debt.

Debt consolidation for most usually works. It requires a lot of discipline and no missed payments to clear a debt but it’s easier to manage all in one.

From previous experience in that field when the debt is incredibly large, some opt to file bankruptcy and then work their way out of it.
In some cases debt can be cleared if you’re bankrupt.
But it’s always better to pay off your load