The only way a debt consolidation loan is a good idea is if you get a lower interest rate, but continue to make high monthly payments, so more money is going towards principal rather tha towards interest. This is the only way to pay off more of your debts…applying more money towards the principal.

If you don’t go the route of the consolication loan, make extra payments on the smallest debt only…make as big of a paymnet as possible on this one, while maintaining the other minumum payments. When that debt is paid off, move that entire payment amount onto the next smallest debt. COntinue doing this until it’s gone. Again, the key is to make sure the monthly payments stay high, you’re just transfering the payments from one to another as they get paid off. This is the "Debt snowball" strategy that most debt management companies recommend and is also promoted by people like DAve Ramsey, and Richard Kiyosaki.
References :
Financial Advisor in Canada.

Normally they don’t close all your accounts, however, you can’t use them while in the program. Your credit report will indicate you are in a debt management program, but when you complete the program, that notation will be removed and you will have a good payment history and decent credit.

There are for-profit debt management companies out there and you really want to avoid them. They charge high fees and some are actual scams. Check out the company very carefully before you sign up.
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