Debt consolidation involves taking out a new loan to pay off multiple debts, including credit card debt. This new loan typically has a lower interest rate than your credit cards, which can help you save money on interest over time.
There are several ways to consolidate your debt, including taking out a personal loan, using a balance transfer credit card, or using a home equity loan. However, it’s important to note that debt consolidation may not be the best option for everyone. If you have a lot of debt or a low credit score, you may struggle to qualify for a low-interest loan.