What is debt consolidation, and how does it work?

@tito_thompson Debt consolidation is a form of debt refinancing where a borrower takes multiple high-interest loans and combines them into one larger loan with a lower interest rate. This will allow the borrower to pay a single payment each month, instead of multiple payments with different interest rates and payment periods. The new loan will also have more favorable repayment terms such as lower monthly payments and a longer repayment period.