What does debt consolidation mean?
Debt consolidation is the process of taking multiple debts and combining them into a single line of credit.
For example, you may have a number of different loans spread between lenders, paying different interest rates and different regular repayments on each.
Repaying debt this way can be time-consuming, and it can feel like you're never making any ground in paying down what you owe.
By combining all your debts into one loan repayment, paying one interest rate, you may find it easier to more effectively pay down your debt.