Debt consolidation or consolidation loan means repaying your existing loans (single or multiple) out of a new loan. The term consolidation is used as you consolidate or aggregate all existing loans and repay them out of a new loan.
For example, you have a house loan of $50,000 @ 13% and a personal loan of $150,000 @ 15% that both have been marked as debt consolidation loans. You can borrow $250,000 from another lender that has an 11% interest rate. You can use this new loan to settle both your existing loans and pay lower interest than existing rates. If you are too busy to adjust more payments then you can use the debt consolidation service from another lender for fewer and more simplified payments to one lender instead of paying three or more in a month.
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