‘Debt consolidation’ can mean many things, but the basics are: any effort by a person to convert multiple debts into one on a monthly basis with a view to eventually paying off those debts.
This rather broad term can mean many things depending on the situation, the person in question or what the desired outcome is. It also is often misused by people when they are referring to a financial course of action.
Many people are living paycheque to paycheque these days. The reasons for this are various and complex, but it is causing many to drift inexorably toward genuine financial crisis.