Debt consolidation commonly refers to using a new obligation to repay existing debts. Combining payments can change how accounts are managed, but it does not by itself establish a lower overall cost or a better financial outcome. My Fair Lending offers general explanations rather than recommending consolidation for your situation.
List the balances, costs and remaining payment schedules on existing accounts before reviewing a new offer. Compare that information with the new loan's fees, amount received, repayment period and total repayment. A lower payment can come with a different term, so the payment amount alone is not enough to assess the change.
Ask how existing creditors would be paid, whether an old balance could remain and what happens to the accounts afterward. A new loan does not erase the responsibility to manage spending or to make any remaining payments. Keep records from both the new lender and the existing creditors.
Alternatives may include talking with existing creditors or seeking independent budgeting support. Availability of those options varies. We are not a lender, do not make credit decisions and do not broker loans. Lender terms and product availability vary by state and individual circumstances. Review written disclosures before accepting any offer.