A debt consolidation loan is a type of personal loan that you use to combine your existing debts into a single debt with one monthly payment. Using a debt consolidation loan can reduce the total interest you owe and help you pay down debt faster.

Debt consolidation loans are a type of personal loan that can be used to lower a borrower’s interest rate, streamline payments and otherwise improve loan terms. These personal loans are typically available through traditional banks and credit unions, but there are a number of online lenders that also specialize in debt consolidation loans.

A debt consolidation loan is a type of loan that's used to combine all your existing debts into one pot. All you’ll need to do is apply for a loan for the amount you owe in existing debt and if approved, you can use the funds to pay off your other borrowing. You’ll then pay off the loan over time, usually in monthly repayments.

Debt consolidation loans are generally for paying off high-interest debt. You might be able to consolidate multiple types of debt, including credit card debt, auto loans, home loans and even medical bills.

Debt consolidation is a debt management strategy that involves rolling one or multiple debts into another form of financing. For instance, you may take out a debt consolidation loan or balance transfer credit card and use it to pay off existing debts with better terms.