What is debt consolidation? Should I consolidate my debt?

[KingVon]

Hey folks! Could you please tell me what is debt consolidation? Should I consolidate my debt? Looking forward to hearing from you!

[dondiablo]

You can consolidate debt if you find a lender willing to give you terms that reduce your monthly debt payments. They will lend you money to pay off your existing loans, and you can then make a single monthly payment.
Just make sure the interest terms are favorable. If you are paying higher interest on the consolidated loan than what you pay on your existing debt, it is not a good loan.
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