Consolidating all debt
Some debt consolidation loans have fixed interest rates and monthly payments.
Consolidating your debt with a personal loan could also have the advantage of a fixed rate. That said, debt consolidation doesn’t eliminate your debt. The goal is to make your debt easier to manage and to, potentially, lower your total interest payments.
Consolidating multiple loans means you'll have a single payment each month for that combined debt but it may not reduce or pay your debt off sooner.
By understanding how consolidating your debt benefits you, you'll be in a better position to decide if it is the right option for you.
Debt consolidation is the process of merging multiple debts into one, commonly with a credit card balance transfer, home equity loan or debt consolidation loan.
Consolidating your debt could help you save money if you are able to get a lower interest rate on your debt, and could simplify the amount of payments you make per month.