Debt Consolidation - have a great credit rating

I would suggest you undergo a debt & credit counseling first and discuss your situation with the consultant. This site offers free counseling. So you can register with this site to get the call from counselor.

The counselor is the right person to say if it is good for you or not. However, as per my take, it depends on various factors, like how much do you owe, what are the rates of interest, if you have a steady source of income and so on. Credit card companies are going to double the minimum payment, payday loans are charging high rates of interest and fees. So it is really difficult to stay current with all your accounts.

Now if you anticipate falling behind with your payments its better to consolidate your debts. Once you miss a payment and the late mark enters your report, it will stay there for 7 years. debt consolidation ensures regular payments towards your debts hence this is good for your credit. See the benefits of debt consolidation here-

http://www.debtconsolidationcare.com/benefits.html