Debt consolidation has a few hidden trade-offs, so it's worth understanding what you might be giving up in exchange. Dilok Klaisataporn/Getty Images

Financial stress has a way of sneaking up on people. All it takes is one high-rate credit card balance here or a personal loan there, and suddenly you're juggling five monthly payments that barely move the needle on the balance. It's a scenario millions of Americans are navigating right now, as inflation is driving up costs and consumer debt is continuing to climb . So, it's hardly a surprise that debt consolidation has become a popular option for those trying to lower and simplify their debt payments.

And on the surface, consolidating your debt sounds like a win. After all, you'd be dealing with one monthly payment ins

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