Debt Consolidation can: Help avoid filing bankruptcy Eliminate creditor harassment Lower debt payments up to 50% Provide one monthly payment Usually upon entering a debt management or credit card consolidation program you would have to close your credit card debt accounts (as well as others). This is a benefit because it will help curb your current spending and it's probably what method caused your debt originally. Sometimes you'll find that you can still own one or two credit cards for emergency or if it's "secured".