Consolidating your debts means taking out a new loan to pay off multiple debts. This can be a good option if you have high-interest debt from numerous sources, as you may be able to get a lower interest rate on the new loan.
If you have debt from multiple sources, it makes sense to first focus on paying off the debt with the highest interest rate. This will save you money in the long run, as you’ll accrue less interest on the debt.
To save money and get out of debt faster, you should aim to make more than the minimum monthly payment. You can do this by finding ways to increase your income or by cutting back on your expenses so that you have more money to put towards your debts.