The trouble starts when all your credit cards are up to their limits.

A lot of people think they are coping with their credit card debt until all their cards are up to their limits. This is when the trouble really starts as they now have to pay cash for all their purchases. They now find themselves in the situation where they make a repayment on a card and then need to use that small amount of available credit to buy food and pay the phone bill because that is all the credit they have available.
Debt consolidation can be a big help here if they have not damaged their credit rating. One of the first things a lender will want to see when you apply for a debt consolidation loan is the last three months statements on all of your credit cards and loans. If you have been late with a payment, missed a payment or gone over the credit limit on any of your cards in the last 3 months you have ruined your chances of getting a debt consolidation loan until you correct this situation.
Here are some of the benefits of debt consolidation.
By consolidating your debts into one loan your interest payments will be lower than what you pay on your credit cards and your repayment will be lower also. This means that you will have more money in your pocket at the end of the day or you can pay that extra off your debts and become debt free faster and save even more interest.
You will have one monthly payment to deal with instead of multiple monthly payments all falling on different days of the month which will make your finances much easier to deal with.
You will no longer be afraid to answer the phone as you won't have your creditors or a collection agency asking for payments. You will be able to enjoy the experience of debt free living and when your debt consolidation loan is paid you will actually be able save money.
By setting up a direct debit for your consolidation loan repayments you won't be accruing late fees and over limit charges like you do with a credit card.
There are some very compelling reasons for consolidating your credit cards and other consumer debt into a single loan. If you are tired of living from payday to payday, stressed about the phone calls from creditors and their collection agents, fed up with the stress of being in debt now is the time to act. A debt free life awaits you; why not take that first step in the right direction today?