If I have a much lower interest rate for my old credit card debt, by using the equity I have in my home, what else could be wrong with debt consolidation?

Question

If I have a much lower interest rate for my old credit card debt, by using the equity I have in my home, what else could be wrong with debt consolidation?

Accepted Answer

After you consolidate all of your debts into one loan, it may be amortized over many years. Because the debt is now spread out over a long period of time, if you make the minimum payments each month, you may pay much more in interest to retire the debt.

Saving, Managing Debt, and Budgeting

Managing Debt

If I have a much lower interest rate for my old credit card debt, by using the equity I have in my home, what else could be wrong with debt consolidation?