Are debt consolidation loans a scam?
If you can take that loan, pay off credit cards and then close all of them so that you can’t run them up again, they should be fine. The trouble is - once they are “paid”, there is a full credit line available again which can be tempting to tap into.
Avoid the for profit companies that advertise, charge a significant fee and recommend approaches that may not be beneficial. Consider instead using a non-profit credit counselling organization. Their fees are minimal and they are available at the National Foundation for Credit Counseling website at www.nfcc.org