Once credit card debt is acquired, the high interest rates make it difficult to pay much more than the minimum monthly payments. If you or someone you know is in this situation, you should look into credit card debt consolidation. This type of loan is not the only solution, but it is one of the possible options. The simplest way to consolidate is to find a low interest credit card and transfer all of your debt to that single card. You may be able to get a special introductory rate from a company if you agree to do this. The most important factor to keep in mind when doing this is that the amount that you want to transfer onto that new card must be under the limit of the card.
Another important factor to keep in mind in order to have a successful credit card debt consolidation is to choose a card with a low APR for balance transfers. You can probably find a card with 0% for balance transfers over a certain amount of time. This type of situation is ideal for debt consolidation. Watch out for cards that have initial low rates of interest, but that will rise drastically after a certain period of time. You either have to make sure you can pay off the debt by the end of that time period or you shouldn't choose that card. The payments will get very difficult to make when the interest rate jumps up.
To be safe, you should not transfer debt onto a card that has high balance transfer rates at any point because you might need longer than you think to pay back the loan and you don't want to be accruing interest which will have more impact on your credit and debt. Another way to consolidate your credit card debt is to borrow money from family or friends. This will allow you to pay off your credit cards and pay back the person who lent you the money instead.
You can work out whatever terms work for you and the lender since this method is informal. Make sure you write down your agreement though, to avoid disputes in the future. Both parties need to fully understand the circumstances.
The third debt consolidation option is to go through a non-profit debt consolidation company. They work with credit card companies in negotiating lower interest rates, a lower balance, etc. All of these options are reasonable solutions. You just have to find out which would work best for you.
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