One option that is available for people who have a lot of credit card debt spread out over multiple cards is credit consolidation. This allows you to combine all of your credit card debts into one monthly payment, usually at a lower interest rate and sometimes with better terms in regard to late fees and other fees. There are a number of advantages to doing this, but it is definitely not for everyone. So how can you decide whether or not this is right for you, and, if so, which method of consolidation to choose?
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The first thing you should consider before choosing credit consolidation is how much it would cost you to do this. In some cases, the fees involved might make it so that this will cost more than it would save.

Balance transfers involve fees in many cases, and companies that offer this service also charge a fee. Look into the fees and see whether the added convenience and the possible lower rates are worth the costs involved.

If you happen to have a low interest credit card that offers you free balance transfers, you might want to take advantage of this to switch over your higher interest credit card debt without paying any fees. This is the easiest and cheapest way to accomplish credit consolidation. Another good time to take advantage of this option is if you are totally lost and way over your head, then the services of a consolidation company might be helpful since they can negotiate for you and come up with a payment plan, as well as advising you on how to stay out of debt once you get caught up again.

For those who find it not quite as affordable to go with a credit consolidation plan, you can go with one of two methods for eliminating credit card debt. First, you stop using the cards and just use what cash you have after paying off your bills for your monthly expenses. Pay the minimum on all of your cards except for one each month, and then put as much as you can toward that one card until it is paid off. Choose either the card with the lowest balance or that with the highest interest rate to pay off first. Once the first card is paid off, start paying off the next one until you have paid them all off.
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