<prompt> Human: Hello rpersonalfinance,I have a question, and need some advice on a Debt Consolidation Loan. What are the pros and cons of getting a large enough Debt Consolidation loan to pay off all my loans CC, Personal, Car, Student loans, etc. and just keep paying the loan back over time?Any advice is appreciated.  <response>: As others have already said if you can lower your payments and total amount of interest paid then it can be a good thing. One thing to keep in mind though is that this will free up your credit cards. Since you werent able to handle them responsibly youre carrying a balance now I would recommend cutting them up so that you dont keep digging a hole while youre still trying to get free of your current debt. Its a fairly common pitful from my understanding for people to start spending a lot again once their monthly payments go out. Just be careful. 