No, not necessarily, but there are some inherent problems that must be dealt with before I would ever advise someone to get a debt consolidation loan.
Unless the problems that created the need for a debt consolidation loan are corrected, you may well find yourself worse off in the long run. If the debt resulted from overspending, then a consolidation loan won’t help, rather it will just delay the inevitable. Otherwise, in about a year or so, those little bills will be back again and when they are now combined with the debt consolidation loan payment, may make your cash flow problem even worse.
The other problem is that there is always the tendency to stop worrying once the supposed solution has been found. Many people actually spend more the month after consolidating their debts than they ever did before. Why? The pressure is off and they can now relax. That is a false security created by the temporary removal of financial pressures.
The third problem is people almost always borrow more than they actually need to pay their outstanding debts. Guess what happens next? Here come the entertainment systems, the new living room furniture, the vacation to the Bahamas. Once again, the lack of self discipline rears its ugly head.