What is Debt Consolidation?

Countless people have heard the term debt consolidation but aren't sure of precisely what it is or if it can assist them. This expression refers to consolidating all of your unsecured debt into one sole loan. There are numerous advantages to this choice. For one point, you'll have a single monthly payment to pay. No longer will you have to fit in numerous bills and elect 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.