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Debt help or consolidation loan entails taking out one loan to pay off many others. This is often done to secure a lower interest rate, secure a fixed interest rate or for the convenience of servicing only one loan. It also provide a debt solution for people with much debt.

Often debt consolidation can simply be from a number of unsecured loans into another unsecured loan, but more often it involves a secured loan against an asset that serves as collateral, which is most commonly a house. In this case a mortgage is secured against the house. The collateralization of the loan allows a lower interest rate than without it, because by collateralizing, the asset owner agrees to allow the forced sale of the asset in order to pay back the loan.

Debt consolidation is often advisable in theory when someone is paying credit card debt. Because of the theoretical advantage that debt consolidation offers a consumer that has high interest debt balances and wants to get out of debt, companies can take advantage of that benefit of refinancing to charge very high fees in the debt consolidation loan.

Recently, due to the large number of students graduating with debt and the historically low rates on federal loans, Student Loan Consolidation has become an extremely popular refinancing option for recent graduates. Through the federal consolidation program, students can lock in today's low rates (switching from a variable rate on their existing loans) and extend their repayment term. Through consolidation, they can lower their monthly payment by more than 50%.

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