When consolidation happens for the right reasons - a person is about to get new, better terms (interest rate, duration) - then it makes sense.
When consolidation happens “because everyone is doing it”, that’s when majority of the problems happen.

So, when a person believes that taking on a new loan (and resetting the clock on payments - starting with paying more interest and less principal, that’s how the amortization works) is a solution to the existing loan, the person is not financially literate and needs to be educated.

With consolidatoin, the old loan is paid off… with a new loan.
So, while there is a new lender and there is a new mailing address for the checks - nothing else changes, the debt still remains and it’s still due.
If someone sees it as a solution, please do not listen to them.

Same person is likely to believe that equity in the property is same as having a piggy bank - while they are betting their house on it. This is how that financial crisis in 2008 happened

"Determine how much money you need to buy a suitable apartment for you. Calculate how much money you can invest in down payment and how much you can quickly pay off in monthly installments. The monthly payment should not exceed 30% of your family income - so you can make early repayments if you have savings. Banks are willing to give you a loan if your mortgage payment does not exceed 65% of your net income after all other loans are paid.
From the documents, you will need to provide a passport, income level, and bank account availability. If you do not want to go through all this, contact a mortgage broker. I used Mortgage Advice London."