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Unfortunately that's not the case, and in many instances people end up making their situations worse by signing up for a debt consolidation loan.The reason I haven't written about debt consolidation until now is because in most instances I'm not a big fan of doing debt consolidation.Dear Debt Adviser, I have about ,000 of debt on credit cards.

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"The theory of turning higher debt rates (credit cards) into lower ones (mortgage) is a great idea," says White in an e-mail, "but it usually doesn't work because many of the people who end up in this situation have a habit of spending without conscious decision making." Gayle and Jim Mc Weeney are determined to break that habit.

The best way to consolidate credit card debt under ,000 could be to get a zero-percent interest credit card and transfer balances from high-interest credit cards over to it.

You also could look at a personal loan to pay off your balances.

Why do people want to consolidate their credit card debts, student loans, and medical debt all into one payment?

Because oftentimes they think it is a magic wand of sorts – that it will cause all their debt problems to disappear.