Debt consolidation loans only work if they offer a lower interest rate and monthly payment than what you currently pay on your credit card debt. (debt.org)
Simply put, the interest rate on a credit card is the cost paid on a credit card balance in a year. (lendedu.com)
Here is how the process works: you, the debtor, stop paying on your credit card accounts and other bills and instead save some of the money. (natlbankruptcy.com)