A debt consolidation mortgage can allow you to repay your debts to several or all of your creditors at once. You are then left with only one outstanding payment — to the financial institution. In addition to streamlining your debts into a single payment, a debt consolidation mortgage may also offer you an interest rate that is lower than that charged by your creditors saving you money in interest charges. This option can be especially attractive if you have outstanding debts at a high rate of interest (for example, those charged on some retail store cards or credit cards).