A credit card consolidation loan is a personal loan specifically tailored to help you tackle and eliminate credit card debt. When you opt for a consolidation loan, you use the funds to pay off your high-interest credit card balances. This way, you can say goodbye to exorbitant interest rates and say hello to a single loan with a more manageable interest rate. Plus, you’ll enjoy the convenience of making one monthly payment towards your loan until you reach your payoff date.