What is Debt Consolidation?

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