Many people are barely keeping up with the interest repayments on their credit cards, let alone paying off their principal debt. Job losses and insecurity exacerbate the problem and many are desperate to find a solution to their credit card debt problem.

There are options for debt relief besides the drastic action of filing bankruptcy.

What Is Credit Card Debt Consolidation?

Debt consolidation means merging all the loans that a card holder may have into one loan with a lower interest rate or a fixed interest rate.

Why Consolidate Credit Card Debt?

• Better interest rates,
• Simpler life – only one bill to worry about instead of several cards to pay each month,
• Lower monthly payments,
• Closing other accounts may eventually mean a better credit rating,
• Credit card companies often offer to give a free, no-obligation credit card debt evaluation online,
• Elimination of late charges and over the limit fees.

How to Consolidate Credit Card Debt

Home equity loan: A card holder can take out a low interest home equity loan or line of credit and pay off all the credit card debt in one go. The debt will not be eliminated, of course, but the card holder will have only one loan to keep up with, at a lower rate. The risk is that the card holder's home may be repossessed if payments cannot be met.

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