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A debt consolidation loan will not reduce the amount of money you owe but will reduce the interest rate and possible extend the term. But it will reduce your monthly repayments, cuts interest charges, and help you create a monthly household budget. It will help improve your credit rating by paying creditors on time. People who are seeking to establish credit will often apply for a major credit card or for a personal loan. On the other hand, people who are in debt will often apply for credit cards, believing it is a solution for debt consolidation. In both instances, the people in the scenario are both risky candidates for getting a loan. If you do not have credit, it can be just as difficult to get a loan as if you had bad credit. Credit is necessary these days, which is why you should work on building it before you actually need it for something important.