If you want to repay your debts more quickly a consolidation loan can be a good solution. Often, by combining all or even most of your debt into one consolidation loan the repayment for that loan can be lower than the combined cost of repayments on different sources of credit. The reason is that in general the larger the loan the cheaper the interest rate. You can then shorten the period you take your consolidation loan over meaning you pay less interest saving you more money.