There are many viable options when it comes to credit card debt consolidation and perhaps the first thing that might come into your mind is debt settlement. Settlement is a useful form of debt relief because it can help reduce some of your debts owed, however the percentage amount of reduction may not be significant.

An alternative to this is debt consolidation and there are quite a number of methods that can be used to consolidate your credit cards debt. The first method can be done all by yourself, which is to find one of your credit cards with the lowest interest rate and then transfer the balance of all of your cards onto it. Unfortunately, this method might not be effective if the average interest rate of your credit cards is high.

Your second option is to take a debt relief program from a debt consolidation company or specialist. The company will consolidate your debts by paying off all your bills and then offer you a separate loan with a significantly lower interest rate. Debt specialists will help negotiate with the creditors on your behalf thus they will very likely obtain a lower interest rate. You can then have more time to clear your debt as you can repay the loan month by month.

Although these methods might not help eliminate your debts entirely, they can still save you hundreds, even thousands of dollars a year, which is a lot of money! If you are having a tough decision of what to do in order to become debt free, speak to a financial or debt consultant and get their professional advice.