Debt Consolidation is a general term used to describe the process of combining multiple unsecured debts such as credit cards, medical bills, personal loans, etc. – into one single monthly payment. Debt consolidation has many benefits, such as streamlining your monthly payment and even lowering the amount you pay for interest. With just one payment required, you won’t have to worry as much about forgetting which one is due. Once you start to see debt decrease, you might also notice an increase in your credit score.