 TITLE: Is a Debt Consolidation Loan Right For You? CONTENT: When Debt Consolidation May Not Work for You\n--------------------------------------------\nAlthough there are some clear benefits to using a debt consolidation loan to pay off credit card debt, there are some situations where it might not be the best fit:\n*   **You don't plan to change your spending habits.** A consolidation loan may be appealing because it frees up available credit on your credit card. But if you transfer the debt, then rack up more on those cards you just paid off, you could end up in an even worse financial situation. It's best to address potential spending issues before moving forward with a loan.\n*   **You have fair or poor credit.** Again, it's possible to get approved for a personal loan with bad credit. But you'll likely end up with a higher interest rate, which could increase your costs and potentially make the monthly payments unaffordable.\n*   **You don't have a lot of debt.** If you think you can pay off your credit card balances in the next six to 12 months, the savings from a debt consolidation loan may not be worth the effort of researching, comparing and applying. END