Is it worth it to consolidate?

[metagirl]

I owe �20K to five different creditors. Will I save money in the long-term by consolidating?

[Ethel]

Tricky. Depends on the interest rates you are currently paying, and the time left on the loans.

You will need to work out how many monthly payments you have left for each loan, and add them up.

Then add up the monthly payments on the proposed loan.

If you only have a short period to pay on some, it would not be worth tying those in to a new loan - you will be paying interest for several years.

[Vinyl Lionel]

I'd have to agree. Don't make any snap decisions as with these "conolidation loans" they tend be at cheaper rates but ususally over a loooong periods. Perhaps have a look at some loan deals and 0% credit card transfer deals at ww.moneysavingexpert.com tons of advise and he is not on anyone's payroll, he's totally independent and gives some really good advice...good luck.