Advertising for credit card debt consolidation is everywhere. Youll find ads in magazines, on the Internet and on the airwaves. It is a big business for a good reason. Most American families have an average of $9000 or more in credit card debt. There are many consolidation programs to choose from, and it is wise to do a lot of research before settling on the one that may be best for you. Most of factors involved in whom to do with revolve around the amount of money you owe.

If you own a home, you may want to consider a home equity loan to consolidate your debt. There are certain tax advantages and youll be combining your bills into one monthly statement. However, unlike credit cards, when you fail to pay, your credit rating suffers -- a home equity loan is putting your house up as collateral. If you fail to meet your monthly payment obligation, you will lose your home. Unlike credit card debt, when you fail to pay your credit rating goes down

Another option is to consolidate your credit to another credit card that offer 0% financing. Although this is usually for a limited amount of time, if you have the means and make substantial payments, you can bring your total debt balance down a significant amount. When the 0% financing time periods runs out on one credit card, transfers your balances to another and continue to do so until you are at a manageable amount. Of course, your credit has to be in good standings to use this option. Debt consolidation is a good way to get out of debt if you can substantially reduce your interest rate and stay away form overspending.