Thanks for the answer but my question was actually about the companies offering to consolidade my credit card debt by offering a fix monthly payment and to reduce the amount of dept by 40% thus alowing pay the debt in a shorter time.

Hi rqdasilva,

There are a few common problems with debt consolidation loans. First, if the underlying issue is overspending, then this kind of borrowing does nothing to solve the problem. that got the borrowing consumer in trouble in the first place: overspending. Second, these loans can be far more expensive than the debt they are designed to pay off. Finally, opening these new loans can harm your credit--which among other problems can make getting out of debt all the more difficult. This last point is especially true if the loan comes not from a bank or credit union, but from a finance or consolidation company.

If you can find a low-cost loan to help you do so, it can make sense in some circumstances.
Here are some questions to ask yourself before you go that route.

1. Have you cut expenses where you can to pay off your credit card debt?

2. Assuming you have been or now are committed to focusing on paying off this debt, how much can you pay each month towards bringing this debt down?

3. What are the rates and minimum payments that you are being billed on each of these accounts? And are you near or over your credit limits on these accounts?

4. What actions have you already taken, if any, to reduce the rates that you are paying. For example, callling the credit card company to request a lower rate, or transferring your balances from a higher rate card to a lower rate card.

5. Do you have any other sources of funds that can be used to help you pay down this debt (parents, home equity, gifts, ebaying, or overtime/ a second job)?

Your answers to these questions will help us figure our what your best options might be.

If consolidation does make sense for you, I'd start by looking for a reputable loan from a credit union. One of the best that's nationally available is at Pentagon Federal https://www.penfed.org/productsAndRates/loans/personalLoans/consolidationLoans.asp . They have no fees, a 9% rate, and a reasonable payment schedule which can be extended as long as five years..

If you want to follow up with more specifics about your situation, I would be happy to offer some additional thoughts.