Dealing with credit card debt is difficult for anyone in this bad economic scenario. Trying to stay afloat is getting more and more slippery so when debt starts to get overwhelming and you just cannot take it anymore there is a way out. Attaining debt consolidation loan is becoming more and more popular for ones who are struggling with debt which at first they thought they could handle; however, before you decide whether you want to pay of credit card debt with a consolidation loan, you should be aware of the consequences, both bad and good.If you make the right choices a debt consolidation loan can be very good for you and if you do not you can end up in a worse position than you were in before. After you have gotten a debt consolidation loan, you will have one cheque to write instead of eight or ten. This way you will have fewer due dates that you have to remember, which will be a huge relief for those who have an issue with late payments, it also means that there is only one late fee if a mistake is made rather that multiple. Now, that you do not have to deal with many different lenders, it will be easier for you to budget for the monthly loan payments. You will be able to come up with a plan to pay off debt without having to think about all the different payment, fees and interest rates, all there is, is that one loan payment a month.We all know that having a lot of debt can cause not only financial burden but mental stress as well. When you decide to consolidate your credit cards, it can make you feel more in control of the situation. If you have also been harassed relentlessly by collection agencies, relief from the calls as well as letters will be like being in heaven. With these positive consequences there are negative ones that you also have to consider. Many think that getting a debt consolidation loan is a green light to run up more bills. Lots of people like to take advantage of that fact. Once their credit cards are all paid off they think it is okay to get into more debt.Then they have the debt consolidation loan and the other bills that you have made. There are tons of lenders who can talk a good game, but when the actual terms of the loans are reviled, they will end up costing you more money than you would have if you would have just kept paying on your various debts. Some lenders will do this by raising the interest rates, adding extra fees and other hidden charges. Often these companies will prey on the ones who are very concerned with taking care of their bills and will take the first offer that they see.