The term debt consolidation loan is really self explanatory. Consolidation in plain English is the combining of several or even many objects into one. Debt obviously implies credit or borrowings of one kind of the other. Loan is the term for borrowing money which must always be paid back. It is money that is only on loan to you, and not money that you are given to keep, and which you do not require to pay back. Therefore as such, as already stated, a debt consolidation loan or consolidation loan is the borrowing off or the taking out of money in the form of a loan which you must reapay most commonly in monthly installments. Such loans are an extremely useful way of tidying up your finances, as in addition to simpifying your finances they can also save you a good deal of money by substituting high interest personal loans, credit cards, etc. and replacing them with one single monthly payment.
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