Debt consolidation is a financial strategy where multiple debts are combined into a single loan or repayment plan, often with a lower interest rate and more favorable terms.

The goal of debt consolidation is to simplify debt management, reduce monthly payments, and ultimately pay off debt faster and more efficiently.

This can be done through a variety of methods, such as taking out a personal loan to pay off credit card balances, using a balance transfer credit card, or working with a debt consolidation company to negotiate a repayment plan with creditors.