Debt consolidation basically means that you will merge all your credit card debts into one loan that will cover a single interest rate and single monthly payments.
This is ideal for those with multiple credit cards and debts that they want to get rid of.
There are several advantages to credit card loan consolidation.
First, it prevents you from filing for bankruptcy and ruining your credit history.
Second, by consolidating your card debts, you get to pay a lower monthly payment on one account and you can avail of a lower interest rate on that account as well.
Third, you can start rebuilding your credit history and score by taking on a single loan to cover all your credit card debts.
This way you can close old delinquent accounts and start anew.
Fourth, you only have to handle one single account instead of several which also means no more late charges and other fees.
Debt consolidation can be done by getting a personal loan to cover the lump amount that all your credit and store card bills add up to.
You may also use your home as security to get a loan to pay off your lump sum.
You can also opt for a debt transfer from your other banks into one bank that will take in all your debts into one account that you can pay off.
Or you could approach a professional debt consolidator who can help you with your problem by finding you the best deals in debt consolidation programs.