Hello Pete,
Welcome to the forum.
Taking out a debt consolidation loan will not, of course, make you instantly debt free. However, it may be that such a loan will give you a chance to structure your finance plan over a 5-year period. With the correct attitude, this may be an excellent opportunity to improve your finances in the long term, resulting in being debt free by the end of the loan period.
The consolidation loan will reduce your monthly outgoings, thus giving you the opportunity to save. By getting into the saving habit instead of debt habit, you will be able to set aside money to pay cash for the things you need in the future; if you are determined and disciplined, even that next car purchase can be in cash, rather than an expensive loan. The result: you become debt free. However if you carry on borrowing and using your credit cards, debt consolidation loans can be financial suicide.
Kindest regards,
Julia
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