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If you are struggling to pay off multiple credit cards, consolidating your debt may allow you to reduce your interest rates and lower your monthly payment.

However, a lower monthly payment can mean a longer repayment term and more interest paid over the life of the loan.

This simplifies how many payments you have to make to different creditors.

These offers also may include lower interest rates than you are currently paying.

However, if you consolidate your debts and then incur new debts on top of the consolidation loan, you may end up farther in debt than before.