Number of payments isn't the problem
Why do you think debt consolidation is such a bad thing?
Debt consolidation is a bad thing because it makes you feel like you really did something to get out of debt and change your financial world when you didn't. People come to me all the time saying stuff like, "Dave, I got a second mortgage. I paid off all my debt!" Well, no you didn't pay off all your debt. You just moved it around.
That's part of the catch when it comes to debt consolidation. If you get a lower payment and move things around a little bit, you feel like you actually accomplished something. The problem with that is you don't do anything to address the real problem, which is you.
Interest rates aren't your problem, and the number of payments isn't your problem. Your problem is the person you look at in the mirror every morning, Tessa. Until you fix that person and get mad enough at your financial situation and the real cause of it, you'll never make any progress toward getting control of your finances.
Trying to borrow your way out of debt is not a good plan!
Dave Ramsey is America's trusted voice on money and business. He's authored four New York Times best-selling books: Financial Peace, More Than Enough, The Total Money Makeover and EntreLeadership. His newest book, written with his daughter Rachel Cruze, is titled Smart Money Smart Kids. It will be released April 22nd. The Dave Ramsey Show is heard by more than 6 million listeners each week on more than 500 radio stations. Follow Dave on Twitter at @DaveRamsey and on the web at daveramsey.com.