Do you need debt consolidation? That’s not asked as a question of trying to sell you onto the services. That question is asked because I want to know if you believe you’re a good customer for debt consolidation.

There are a lot of people who could benefit from debt consolidation. If you have a lot of debt spread out with multiple interest rates, and you can secure a loan that not only has a lower interest rate, but lets you have more money in your pocket to put towards other things, it could be a good thing. If you’re in some immediately trouble and you need a debt consolidation loan that you can pay off slowly and in a different fashion, such as through a home equity loan, that might work out for you also.

However, if you decide to go with some kind of debt consolidation, you need to know that you’re capable of following through on what will keep you out of debt for the long haul. You have to determine if you’re willing to do the research and work necessary to make the best decision for yourself. And you need to be ready to be fully honest with yourself; otherwise you’ll just be wasting your time.

For instance, you don’t want to go into any debt consolidation deals if you don’t have the discipline to not take on any new debt. What good does it do you to consolidate all of your debt so you can have some extra money, then go back on a spending spree because you suddenly have a lot of freedom from high credit card balances? All you’ll do is run yourself back into the same hole, without the potential benefit of getting a second loan, especially if the first one hasn’t been paid off.

If you actually make enough money to pay off your bills, but you haven’t been doing it, you have to ask yourself if debt consolidation is what you need to be doing. You’d be better working with someone who can put you on a budget, or even paying someone to pay your bills for you and to give you an allowance.

And finally, if you’re not making enough money to begin with, why would you believe that consolidation is the way to go, at least traditional consolidation? In this case, going to someone like Consumer Credit Counseling is probably the best way to go, but if you go to them you’ll have to cut up all of your credit cards. Are you ready for that kind of adult step?

There’s a lot to think about before you decide on a debt consolidation move. It’s not the panacea for everyone.