Debt consolidation can be helpful in lowering the overall monthly payment on your debts to make them more manageable and to help with day-to-day cash flow. The items to watch for are pre-payment penalties and the total amount more you will end up paying to pay off your debt load depending on the interest rate and total time period you will be extending your debt repayment over. It may make more sense to roll your debts into your mortgage, so you can write off the interest.