Debt consolidation combines several debts, often high-interest debt such as credit card bills, into a single payment. If you can secure a reduced interest rate, debt consolidation could be a viable option for you. This can help you minimize your total debt and restructure it so you can pay it off faster. If you have a reasonable amount of debt and just want to rearrange various bills with varied interest rates, payments, and due dates, debt consolidation is a viable option that you may pursue on your own.