Debt consolidation merges multiple debts into a single, manageable payment. By combining various debts like credit cards, loans, or medical bills, it simplifies payments into one monthly installment. This approach often offers a lower interest rate than the combined rates of individual debts, potentially reducing overall interest costs. It streamlines finances, making it easier to track and manage payments while potentially improving credit scores. Ultimately, debt consolidation aims to ease financial burden, offering a structured repayment plan to help individuals regain control of their finances.