A debt consolidation loan might be able to help you if you are juggling many debt repayments at once.

Anyone who has watched daytime TV will be aware that debt consolidation loans can replace all your existing debts with a manageable, monthly repayment. How do they do this?

Well, if you have a number of debts (credit cards, store cards, and so on), the chances are that you are only paying the minimum each month, and you may be paying high APRs as a result of expensive debts and a bad credit rating.

A debt consolidation loan is, in essence, where you take out one big loan to pay off all the others. This might well save you money (not to mention time) because the APR might be lower and you might be able to spread the cost over a longer repayment term.

Making regular monthly repayments could have the added benefit of improving your credit rating, which all helps.

However, debt consolidation loans aren't always right for everyone so it's important to take impartial advice before you sign up. The Consumer Credit Counselling Service offers free independent advice. Use the Genie loans search tool to find the best bad credit loans.