The rates on non-secured loans like personal loans are usually pretty high to begin with (not always, credit unions are a great thing), but will almost always be seriously high if the person has lots of debt to begin with. If they are seriously in the red, unsecured loans have no recourse if the person goes totally Failvis.
In a way, it’s doing the same thing as the consolidation people, but before you get the money they evaluate your credit not knowing you’re going to use it to pay all the other debt off and they wont just take your word for it. So to them, you’re taking out an additional $XX,XXX without any collateral.
Unless you’re saving money (rate and/or term), it can just make it easier and more simple at best by giving you just one monthly bill at a time. You’re better off crying to the CC companies that you’re “in a unsustainable situation and need help on the interest rate to remain solvent so you dont go totally Failvis and then they’ll never get paid.” :ninja Cleverly weaseling out of your obligations is the American way.
Dyslexia is on overdrive today, not proofread for spelling. :facepalm