Debt consolidation is a form of debt refinancing that entails taking out one loan to pay off many others (wikipedia)
Often times one finds themselves in a financial mess that could lead to depression or frustration with endless calls from debt collectors that seem to relentless call you whilst you trying to make sense of your current situation and how to better get yourself out of it. Though they are numerous options one can look at to get of this spiral, debt consolitation maybe another option that comes with benefits to it.
It may take you a little longer to settle your debts but it will certainly give you a peace of mind and give you an opportunity to restructure your loans in a manner that also allows you a breathing space and also protecting your assets from being repossessed, during this time it will also enable you to get the financial discipline to better manage your finances and explore other revenue making activities.
There are a number of companies that can help you with debt consolidation such as CreditSmart