There are several benefits to merging your debts into just one consolidation loan. For many people might be attractive to have to make only one monthly payment rather then many monthly payments. Making multiple monthly payments towards a range of creditors in respect to a few different accounts is time consuming, especially when financial resources are scarce and there’s not enough money for everyone. You have to choose which debts are ‘priority’ ones. These you should take care of. For the rest simply must make do with whatever you are able to repay, regardless of whether in some cases it is lower than the contractual amount that you ought to pay. A huge advantage – whether perceived or real – is that you have just one single lender to deal with as opposed to many creditors. Taking care of your finances and payments will be simple. It is also likely that your credit score may get better specifically if you include all of your credit card accounts within the consolidation. In addition to these benefits, the actual recurring payment relating to the consolidation loan can even be lower than the sum of the monthly payments relating to the many different loans. [...]