Credit card companies exist for a reason - to make money off you. Unless you pay off all your balance promptly, the amount of accruing interest on the outstanding grows at a phenomenal rate. soon you'll find yourself entrapped in credit card hell! You need to act to reduce your growing debt. Consolidation of your debts is one way of doing it. The idea is to get a loan that cover your overall indebtedness, which can be paid off at a lower interest rate.