What is Debt Consolidation?

Many people have heard the term debt consolidation but aren't sure of exactly what it is or if it can help them. This term refers to consolidating all of your unsecured debt into one single loan. There are numerous advantages to this option. For one thing, you'll have a single monthly payment to pay. No longer will you have to juggle numerous bills and decide which ones get paid each month. This consolidation option can also lower your interest rates and even the amount of money that you owe on your unsecured debt.