Debt consolidation is a term to describe pooling various debts into one. Doing this can make it easier paying off debt and begin the steps toward debt elimination.
One form of debt consolidation is putting outstanding credit card debt onto the card with the lowest rate. Then cancel (and destroy) the other cards. Doing this makes it easier to see where your debt is coming from and gives you a better idea of how much you really owe. The total amount might alarm you.
Another way to consolidate debt is done with loans (visit your local bank for details). For example, you could take a loan out against the equity in your home and use this to pay off outstanding credit card, auto, or other debt. The home equity loan will generally have an interest rate much less than credit card loans, meaning that you pay less interest and pay off more principal. Only cash in on your home equity after speaking with your certified financial planner and serious consideration is given.
A final option is to speak with the issuer of your credit card and discuss ways to consolidate current debt. They want you to pay off your debt to them (for obvious reasons) and will often work with you to ensure they receive your money.
Our lives are complicated enough...adding debt problems only makes it worse. Perhaps that is part of why so many companies are offering assistance for debt consolidation. One less headache makes an enormous difference.