Consolidating multiple debts means you will have a single monthly payment, but it may not reduce or pay your debt off sooner. It can be an effective way to payoff high interest creditors as these loans typically carry lower interest rates and are paid back over a longer period of time. Typically Debt Consolidation loans that carry lower interest rates are secured against an asset such as a home or other assets of value. You may also have the option of obtaining an unsecured loan, but these typically carry higher interest rates and required excellent credit scores as these loans carry higher risks for the issuer of the loan.
For both of these options, the banks and mortgage providers have increased the credit and income documentation which can make it a cumbersome process.
While a debt consolidation loans can be an effective vehicle towards paying off multiple debts while relieving you of the burden of keeping up with multiple monthly payments. You should be aware that you may find yourself trading in unsecured debts for debt that is secured by your home or other assets.