Used carefully, a debt consolidation loan can help to make things easier. The benefits can include:
• Depending on the rate offered, you may pay a lower rate of interest than what you're currently paying. If you are eligible for a loan with a lower interest rate, this could save you money
• Making a single monthly repayment each month makes it easier to stay on top of what you owe, and reduces the risk of missing a payment. Keeping up with your repayments is a good way to protect your credit score
• Instead of owing money to multiple lenders, you'll only deal with one lender