A debt consolidation loan is a loan that will enable you to reimburse several
creditors with one payment.
Instead of having several small payments to make every month, you will have only one payment, your debt consolidation loan payment. Debt consolidation is good way to reduce your level of debt by spreading your total monthly payment of all your creditors over a longer period.
It is very important not to get additional debt once you have a debt consolidation loan
Anyone can qualify. Your bank or other loan advisor will decide depending on different criteria if you can qualify. It doesn't matter if you own a house or renting, each situation are different and will be assess by your bank
The bank will make sure you can make the repayment on top of your monthly expenditure. Having a budget would be a big help to manage your personal finance.