Is it worth it to consolidate?

[metagirl]

I have about �20K in debt from 5 different creditors, should I get a consolidation loan or would I end up paying more in interest in the long-term?

[Dassie]

It depends on the interest rates you are paying at the moment. For instance if the debt is on credit cards then yes a loan would be at a better rate. Do not go to loan sharks or little heard of companies - ask the high street lenders for their rates of interest and then compare these with what you're paying at the moment. You'll also need to check any fees the present creditors might charge to settle early before going ahead.