Even if the monthly payment stays the same, you can still come out ahead by streamlining your loans.
Say that you currently have three credit cards that charge a 28% APR; they are maxed out at $5,000 each and you're spending $250 a month on each card's minimum payment.
This works out to $5136.88 being paid in interest alone.
If the same individual were to consolidate those credit cards into a lower-interest loan at an 11% annual rate compounded monthly, he or she would need to pay $932.16 a month for 24 months to bring the balance to zero.
Individuals usually work with a debt-relief organization or credit-counseling service.