What is Debt consolidation?

Debt Consolidation is a loan which helps pay off all the customers loans at once. It has the advantage to pay lower interest rates because the loan is bigger, another advantage that the consumer can opt for monthly are payments. For example you have problem paying all your multiple loans like credit card, car loan mortgage and so on then you can choose debt consolidation. Usually the house can be put up as collateral. After receiving the loan you can enjoy the privileges like you can pay only once a month and smaller interest rate. The rate is small because you've taken out a big loan, this way you might even save money.