What are the differences between a debt consolidation loan and a general personal loan?

Many people own more than one credit card; when over-consumption is common and they only pay off the minimum payment due amount, the interest amount can cost much more than the original credit card debt. Since the interest rates of personal loans are lower than those of credit cards, applying for a personal loan is a popular way to pay off credit card debt. A debt consolidation plan transfers all your outstanding credit card and loan balances to one loan account, while you can have fixed monthly repayment and repayment period to save interest expenses and have a clear repayment goal for better financial planning.