If you're juggling multiple loans or credit card balances, you may be searching for a way to simplify repayment. Debt consolidation can achieve this goal, as it involves replacing your current debts with a single loan with one monthly payment. It could also save you money if you qualify for a lower interest rate than you have now. Understanding how a debt consolidation loan works, along with its pros and cons, can help you determine if this strategy would ease the burden on your finances. What is a debt ...