Debt consolidation has become an increasingly popular financial strategy in Kenya for individuals looking to manage multiple debts effectively. Consolidation combines several debts into a single loan, helping you simplify your financial obligations, potentially reduce interest rates, and improve your financial health. This article explores how debt consolidation works in Kenya, its impact on loan costs and creditworthiness, and when it might be a good or bad idea. How Debt Consolidation Works Debt consolidation involves taking out a new loan to pay off multiple debts. This new loan comes with a single monthly instalment, which makes managing finances straightforward. Step-by-Step Debt Consolidation Process Assessment of Debts: You must evaluate all existing debts, including mobile, digital, bank, and SACCO loans, as well as any other outstanding financial obligations. Loan Application: You approach your bank's loan officer, Microfinance or SACCO, or a spec...