Debt consolidation – good or bad?

Any time interest rates go low, consumers are tempted to jump on taking additional debt, in order to consolidate the debts they already have into a single one, with a lower interest rate and easier to take care of.
If you are sure that this will be the final debt you accumulate, this may be a good choice to make it. But if it is only a continuation of your financial habits which caused you to be in the situation of considering this debt consolidation, then it’s nothing but trouble.
Browsing the web in search of the “truth”, namely “to consolidate or not to consolidate debt” I run into an interesting article written by Dave Ramsey, named The Truth About Debt Consolidation, which brings into attention the myth that debt consolidation saves interest, and you have one smaller payment. He busts this myth and gives advice of how to get out of trouble by changing your money habits.

I share Dave’s opinion that taking another loan does not make the old ones disappear, it is just an illusion of financial health but in fact it is the same spending virus that’s eating you alive. And what do you do when you get a disease? Cure it or mask the symptoms? I agree, if it is incurable, then you mask the symptoms, but I urge you to give it one more thought: are you an incurable spender?